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There is no minimum debt to file bankruptcy, so the amount does not matter.
What makes you eligible to file bankruptcies?
Filing for Chapter 7 bankruptcy eliminates credit card debt, medical bills and unsecured loans; however, there are some debts that cannot be discharged. Those debts include child support, spousal support obligations, student loans, judgments for damages resulting from driving accidents, and most unpaid taxes.
What information do you need to file for bankruptcies?
A list of creditors that you owe, including names, addresses, contact information and amounts owed a credit report would be handy to bring to your first meeting with your bankruptcy lawyer. A list of real and personal property. Your income and expenses, including that from disability or SSI and child support.
What disqualifies you from filing bankruptcies?
As a result, concealing assets, making fraudulent transfers within one year of filing, destroying financial records or lying on bankruptcy forms will typically disqualify your case and could potentially result in criminal charges.
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