How Much Debt Do I Need To File for Chapter 7 Bankruptcy?

Filing for Chapter 7 bankruptcy can be a way to discharge a person’s debt and get them back on track financially. But what is the minimum amount of debt required to file for chapter 7? Generally, one must have at least $10,000 in unsecured debt, such as credit card bills or medical bills, in order to qualify for Chapter 7 bankruptcy. This means that if you owe less than this amount, you may not be eligible. Additionally, there are limits set by specific states and courts regarding the total amount of debt allowed before filing.

The decision to file for chapter 7 bankruptcy should not be taken lightly as it can have both short-term and long-term consequences on your finances and credit score. It is important to speak with an experienced professional about your individual situation prior to making any decisions about filing for bankruptcy.

The Law Offices of Omar Zambrano has helped thousands of people and businesses in the past to get out of debt and start over.

Our goal is to help you can find a fresh start FAST!

Schedule your free consultation today! By Calling 626-338-5505 or visiting us at 12738 Ramona Blvd Baldwin Park CA 91706