There is no set amount that qualifies you to file, or not to file, bankruptcy (although if you have a lot
of debt, you may not be able to file for Chapter 13 repayment plan.) For some, $50,000 isn't enough and for others $5,000.00
is.
Many people think there is a magic number for being eligible to file. The decision to file is an individual decision that
is based upon a lot of things, besides just the amount of debt you have. It depends on your particular circumstances of income
and expenses. Factors such as how much you can afford to pay back, job stability, age, family needs, and health problems
are all to be considered.
Part of what a good bankruptcy lawyer will do it go over your situation and discuss how bankruptcy will affect you. The
bankruptcy attorney should give you whatever recommendations they can, and explain why they recommend that you look further
at that option.
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