If debt has become a major toll in your life, you may be considering filing for bankruptcy. One of the most common questions that our bankruptcy attorneys are asked is what the minimum debt amount is to file for bankruptcy. If you’re also wondering the same thing, the team of Fort Worth bankruptcy attorneys at The Huebner Law Firm, PC explains this below.
Minimum Debt Amount for Bankruptcy
Believe it or not, bankruptcy laws don’t require debtors to have a minimum debt amount to be eligible for bankruptcy relief. In most cases, determining if filing for bankruptcy ultimately is based on your individual circumstances. Although there is no minimum debt amount needed to file for bankruptcy it is an important consideration.
The following are questions you should ask yourself before filing for bankruptcy:
- Are you able to repay your debts outside of bankruptcy?
- Are your creditors able to work with you?
- Can you discharge the types of debts you have in bankruptcy?
- Does a bankruptcy attorney advise you to file for bankruptcy?
Maximum Debt Limits for Chapter 13 Bankruptcy
Although there’s no minimum debt amount required to file for bankruptcy, you can’t have more than $1,257,850 in secured debt or $419,275 in unsecured debt if you want to file for Chapter 13 bankruptcy. There are also limits to how often you can receive a bankruptcy discharge. This means that if you don’t have a lot of debt, it may be a good idea to hold off.
Providing Debt Solutions Throughout Fort Worth!
If feel like you’re drowning in debt, dealing with constant calls from creditors, and living under the threat of a foreclosure, it may be best for you to file for bankruptcy. Although there isn’t a limit on the debt you need to file for bankruptcy, it may or may not be the best option for you. At The Huebner Law Firm, PC, we help you fight for your financial freedom. With over 20 years of legal experience, we’ve been helping families throughout Fort Worth eliminate debt, maintain properties, and end creditor harassment. You can trust that our team will get you the help and guidance you need to become debt-free.
Contact our Fort Worth bankruptcy attorneys today at (817) 576-1889 to schedule an appointment!