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krw1819

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HOW MUCH DEBT DO I HAVE TO HAVE TO FILE BANKRUPTCY
I OWE $6000 IS THAT TO LOW TO FILE BANK RUPTCY ON?

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What do you owe it on?

Helpful to 14 out of 15 people

If it is just credit cards, think twice at least.  Credit cards are an "unsecured" debt which means that there is nothing tangible purchased with a credit card that could be seized and sold to recoup the debt.

Those credit card debts would fall off your credit report in 7 years if they remained unpaid.  But a bankruptcy will kill your credit for the next 10 years.  Think that one over, too.

You might consider going through Consumer Credit Counselling Service, which is free.  They help set up repayment plans with creditors that can work.  If they are not available (look in the phone book) then consult with a bankruptcy attorney  The initial consult is generally free and the attorney often has suggestions that might help avoid filing bankruptcy.. 

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Talk to a lawyer

Helpful to 5 out of 5 people

I had to file chapter 7 bankruptcy it cost me $2,300. After looking at my credit reports and everything and seeing $47K+ in debt it was the best decison for me. I am young so I am able to rebuild my credit. 

My best advice for you is to talk to a lawyer and decied what is best for you. 

Reply by
CrossJ87

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Im 27 and have nearly 41k in debt. Would a chapter 7 be the best option for me? There is no way in this world I will ever be able to pay that back

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