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Is There a Minimum Amount of Debt Required to File Bankruptcy?

Topic: Legal ServicesPublished May 27, 2009

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This is a questio
I hear quite often as people contemplate filing for bankruptcy. The answer is no. The decision to file for bankruptcy relief is relative to the debtor’s financial situation. For example, it is not uncommon for someone who is living on social security or other fixed income to file for bankruptcy only owing a few thousand dollars in credit card debt.

The problem here is ridiculous interest rates coupled with people who, because of their limited incomes, are unable to make anything more than the minimum monthly payment on these debts. It creates a vicious, never-ending cycle which a bankruptcy snaps.

Whether or not you have a mountain of debt, or very little debt, so long as that debt appears to be beyond your ability repay, you likely will qualify for bankruptcy.

This again comes back to the importance of seeking out and hiring an attorney who is able to competently analyze your options and help you determine the best course of action to take.

For more information regarding minimum debt requirements, or for other bankruptcy law questions, contact The Larkin Law Firm at http://www.live-debt-free-now.com

Article author

About the Author

Jeffrey D. Larkin is one of the most productive debt-relief atto eys in the region. His innovative law firm is committed to providing intelligent debt solutions custom fitted to his clients' individual needs. Whether you need to file bankruptcy, re-organize your debt or re-build your financial structure, Mr. Larkin provides a full range of legal services designed to restore financial order to your life. Mr. Larkin is a Califo ia licensed atto ey offering services throughout San Diego, Orange, Riverside and San Be ardino Counties. A 1998 graduate of Califo ia State University, San Be ardino, Mr. Larkin earned his Juris Doctorate from Thomas Jefferson School of Law in 2002. Since that time, Mr. Larkin has focused exclusively on bankruptcy and insolvency related matters, and has authored dozens of articles regarding bankruptcy and other debt solutions. From 2002 through 2009, Mr. Larkin served as an associate atto ey for the two largest bankruptcy filing firms in San Diego County. During that time, Mr. Larkin handled thousands of cases, and gained invaluable experience serving a broad and diversified client base. In 2008, Mr. Larkin was one of the top five bankruptcy filers in all of San Diego County, according to the United States Bankruptcy Court, Southern District of Califo ia. You can reach Mr. Larkin by e-mail at Jeff@larkinfirm.com or by phone at (760) 692-2269. For more information about The Larkin Law Firm, go to Live-Debt-Free-Now.com.

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