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How Much Credit Card Debt Do I Need to File Bankruptcy?

If you are asking yourself whether you have enough credit card debt to file for bankruptcy, now may be the right time for you to do it. Putting off a bankruptcy will only place you in a more and more urgent position to get your bankruptcy filed. There is no specific minimum amount of debt to qualify for bankruptcy. Qualifications for bankruptcy are based on meeting median income qualifications or from being insolvent (where your expenses exceed your income).

Usually, people file for bankruptcy based on a debt amount that the individual perceives as an insurmountable level of debt. The level of debt that is insurmountable may be different for each individual. Since there is no minimum amount of debt to qualify for bankruptcy, it is up to you and your attorney to decide when it is the right time for you to file for bankruptcy. A $5000 debt amount may not be much to some people, but if you have zero income due to unemployment, then it may be a good time to file for bankruptcy while you have no income. A $50,000 debt amount may be high to most people, but to someone who makes $25,000 per month, it may not be an insurmountable debt amount. Our attorneys at Bankruptcy Law Professionals can help you make the decision and tell you if you qualify for bankruptcy or not.

It would be simple to mathematically calculate whether or not it is financially reasonable for you to file for bankruptcy. A bankruptcy makes sense if your debt amount is higher than what it would cost you to file the bankruptcy and if you have no foreseeable way to pay off your debts in the future. Filing for bankruptcy

There are multiple ways to qualify for bankruptcy and many factors to consider. A successful bankruptcy filing depends on many factors including the type of debt, income level, assets, size of household, and many other details. Your bankruptcy filing requires a skilled and knowledgeable attorney who has expertise in your legal district. Our Riverside bankruptcy attorneys and Orange County bankruptcy attorneys are ready to help you with your situation.

Contact Bankruptcy Law Professionals for a free in-person or phone consultation with our attorneys at law at (855) 257-7671. We look forward to hearing from you.

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