Legal Question in Bankruptcy in Tennessee
minimum amount to file bankruptcy on
Is there a minimum amount you have to owe before bankruptcy can be file and if so what is is. Also do you have to be far behind in your payments?
3 Answers from Attorneys
minimum amount to file bankruptcy
No.
When to file bankruptcy
The only time you should consider filing bankruptcy is when something you have is about to be taken by a creditor. For instance, if your car is about to be repossessed; if your wages are about to be subjected to garnishment to satisfy a judgment against you; if your home mortgage is about to be foreclosed because you are behind in the house payments.
It doesn't matter how much or little money you owe. If you are able to pay something on each bill, even if it is not a full payment, send something. Creditors rarely get highly offended if there is SOME type of payment coming in. Don't even think about filing bankruptcy if none of the events listed above has happened to you.
Minimum Amount To File Bankruptcy
There is no minimum amount. However, you should be in real bad debt and unable to pay your creditors before considering bankruptcy. You can sometimees work out compromise agreeements with your creditors, especially where credit card debt is concerned.
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