how much debt do you have to have

August 11th, 2007 by Questions

How much debt do you have to be in before you can declare bankruptcy , I am a single mother I owe at least 25,000 dollars. I do not own my own home My care is not worth more than 2,000.

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One Response to “how much debt do you have to have”



, Barton Goth GCO Bankruptcy Trustees said:

As long as you owe greater than $1000, are unable to pay your debts as they become due, and the value of your property if sold would be insufficient to pay off all your debts.

So yes, you would qualify, but I recommend you discuss things with local trustee to determine if it is the best solution. For many it is, but often we find that avoiding a bankruptcy is possible and may be preferable depending on your situation.

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