Legal Question in Bankruptcy in South Carolina
Oregon law on bankruptcy
I was told that to file for bankruptcy a person has to owe a certain amount. I am thinking about filing and was told I don't owew enough. I owew about 4 or 5 thousand dallors. That may not sound like much but it is alot to me and I don't know how I will pay it.
1 Answer from Attorneys
Re: Minimum debt for bankruptcy
There's no minimum that you have to owe to file bankruptcy, but if you consider what it will do to your credit, it is just not worth it. Even at 20% interest, payments on $5000 are less than $100 per month. And you should be able to get a lower interest rate. And filing bankruptcy is not free - so take the several hundred dollars that it would cost to file, pay it to your creditors instead, and budget your expenses. You are lucky your debt is so low.
Daniel Press
Chung & Press, P.C.
6723 Whittier Ave., Suite 302
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