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angelface0

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How deep do you have to be in debt to consider bankruptcy?
I am trying to get my credit score up however the fact that I have very low income and must use my current income to simply keep up on the things I have going on now (such as rent, insurance, household bills etc.) makes it almost impossible for me to pay off any of these debts on my credit score. I was told to consider bankruptcy however I know very little on the issue and am not sure if it would even be worth it or beneficial.

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I've always heard that you have to be at least $20,000 in debt to file bankruptcy.

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It depends on your situation

there are limits to what you can file in bankruptcy.  I believe that the limit on unsecured credit is in the range of $380,000 and $1.1 mil of other type of debt.  The cost of doing a bankruptcy also need to be considered since it will probably cost in the neiborhood of $2 to $4,000. about 10% of the debt.  You will also have to consider what type of action ou want to take, Dissolution, Repayment plan, Etc.   

You should consider taking with an attorney if you really want to persue it as an option.

Good Luck

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