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outofprison

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What is the minimum amount of debt that can be bankrupted
I only have about 2000 in collections now but also owe irs about 1500. Doctor about1700. All of this is due to going to prison for 3 years. Is this enough to file ? I only make 10.00 dollars an hour.

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Don't file bankruptcy!!!  First, the taxes cannot be discharged in bankruptcy, PERIOD.  But, the IRS will work out a reasonable payment plan with you so that the taxes can get paid off.  I had a neighbor who hadn't paid taxes for some time and worked an unsteady job (construction) and they worked out something he can llive with, so he got them paid.

The other bills?  They qualify as "unsecured" which means there is nothing related to those bills that could be sold to recover the money. Find out the statute of limitations for collections as it is in your state.  If the bills are older than the SOL, they are uncollectable. In some states, the SOL is only 4 years, mine is 6. Otherwise, see if you can work out a repayment with them.  If you can't, let them slide because they likely cannot do anything.

Bankruptcy seriously hurts your credit score for ten years and is only to be considered when there are substantial assets to lose without such a drastic measure.

Please take the time to read the articles here so you can better understand credit and what works.           

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