One of the things people often wonder about bankruptcy is whether they have to owe a certain amount before they can file. There is no legal minimum debt you must owe before filing for bankruptcy, either Chapter 7 or Chapter 13. Instead, the success of your filing depends on your singular circumstances. For example, if you are a lawyer who makes 500,000 dollars a year and have credit card debt of 20,000 dollars, you probably don’t need to take out bankruptcy. If, on the other hand, you’re an elderly someone on a fixed income, with a credit card debt of 5,000 dollars, the need to file is much more likely to be on your mind.In both cases the ability to file depends not on the amount of your debts but instead on your ability to pay off the amount you owe.

Your local bankruptcy attorney is the best expert to ask when pondering whether you really need to embark on the arduous job of filing for bankruptcy. They can help you calculate how likely it is that you’ll succeed in wiping out your debts, which debts to include in the filing documents, as well as take you bit-by-bit through the process, from the court fees to the court hearings. More importantly, though, your attorney can discuss with you the initial consideration of whether to file bankruptcy. It’s not a choice to be made lightly.

Whether you file Chaper 7 or file Chapter 13, you and your bankruptcy attorney should be able to get rid of your debts. This gets you a fresh start and lets you hit the “reset button”. Many wealthy business leaders only attained that level of success because they first filed a bankruptcy case to ditch the debts they had assembled. Once those debts were eliminated, they were in a position to go forward towards success.

If you have been wondering what the minimum amount for filing a bankruptcy is, you may not be so in debt that you can’t work your way out of it without going the bankruptcy route. There are a number of ways to do this. Revue your expenses and look for ways to lower them. Or, you can get a second job. An additional part time job could bring in as much as 500 dollars each month, even if you’re just delivering pizzas in the eve. That can go a long way towards paying off the debt, especially if you negociate with your big credit card companies. Informing them that you’re considering filing for bankruptcy might mean that they would be willing to take in a smaller serving of the debt than the overall total you owe, if it means they can avoid not getting any of it.

In sum: t here are no minimum debt requirements for bankruptcy, but that doesn’t mean you should jump in. Think it over carefully, consult a local bankruptcy attorney and consider the options.