How Much Debt Do I Need To File for Chapter 7 Bankruptcy?
Filing for Chapter 7 bankruptcy is a big step to take when it comes to getting out from under overwhelming debt. But how much debt do you need in order to file for Chapter 7 Bankruptcy? The answer depends on several factors, including the type of debts you have and your state’s laws regarding bankruptcy.
In general, if you have more than $15,000 of non-mortgage consumer debts, such as credit card debt or medical bills, you may qualify for a Chapter 7 bankruptcy discharge. However, certain states have stricter criteria that must be met before filing for this type of bankruptcy. For instance, California requires that the total amount of unsecured debt must exceed $17,500 before one can file for a Chapter 7 Bankruptcy.
The Law Offices of Omar Zambrano has helped thousands of people and businesses on the past to get out of debt and start over.
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