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paulac1

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how much do you need to owe

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There is no specific financial limit, but there is a 'means test' that determines if you can file bankruptcy.  Find an attorney who specializes in bankruptcy and who offers a free initial consultation.  Then listen to what you are told and remember that a Chapter 7 bankruptcy will seriously damage your credit score for ten years.

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With exception of auto finance and mortgage payments, the amount you need to owe is the amount you can pay off today.    Credit management is about borrowing money and paying it back as agreed, or even faster than agreed.  Remember, oweing money means you have to pay more than what you borrowed (this is called interest).   The idea is to live without your means, using credit for those unavoidable expenses that you can pay back swiftly.

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