Legal Question in Bankruptcy in New Jersey

Re: Is there a debt minimum?

There is no minimum debt requirement. However, depending on the amount of your assets, it may be difficult or impractical for you to file. And, depending on the value of your assets, you may not be able to file under Chapter 7, but you could under Chapter 13. It is very important that you speak with an attorney as soon as possible. Keep in mind that this advice is based purely on the little bit of information that you have given to me. There certainly may be other factors that would change my opinion. Further, no one can rely on advice from an attorney who has not been retained. Since it appears that you have not retained an attorney, you may want to contact an attorney (either me or someone else) to discuss your matter in more detail. Only then will you be able to rely on the advice. I will be happy to assist you. However, you need to call me at 856-546-8010. Mention Law Guru and your first consultation is free. Good luck! Rob Gleaner

Re: Is there a debt minimum?

The simple answer is "no". However, the amount and nature of your debt, your monthly income, payroll deductions and monthly living expenses, and the nature and value of your assets can all influence whether or not bankruptcy makes sense for you, and if so, under what chapter of the bankruptcy code you should file for relief. Feel free to contact me if I can be of further assistance.