Legal Question in Bankruptcy in New York
applying for bankruptcy
how much do you need to be in debt to apply for bankruptcy (chapter 13 or 7)? does it go by your debt to income or no? I have alot of debt that is in collections and i cannot afford to pay it. I know its not over 10000.00 - is that to little of a amount to apply? help!
1 Answer from Attorneys
Re: applying for bankruptcy
There is no lower limit on the amount of debt necessary in order to file for bankruptcy. However, $10,000 is a relatively small amount of debt for a bankruptcy filing. You have to consider whether it is cost effective to file and whether you have any other alternatives to bankruptcy.
Please contact my office directly if you would like to discuss your situation further. You may also visit my website at amdlaw.com for more information.
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