There are no set minimums for the amount of debt you need in order to file bankruptcy. However, filing a bankruptcy costs money, so it is important to make sure the amount of debt being cleared makes filing cost-effective. In short, you want to make sure that filing a bankruptcy puts you in a better financial position. One way to figure it out is to contact a professional for a consultation.
Here are some signs that you should seek out professional help and see if bankruptcy or some kind of bankruptcy alternative makes sense for you and your family.
– You are struggling to make minimum payments
– You are arguing with your spouse or family members about money
– You are using credit cards to purchase groceries or clothes
– You are worrying about how you’re ever going to get out of debt
Worrying just makes the problems worse. Be proactive and contact a bankruptcy professional. At the very least, you’ll get a better handle on what you’re up against. Remember, bankruptcy laws were written to help people get another chance at financial success.