Brief Response: No. The U.S. Bankruptcy Code doesn’t lay out any minimal sum of money that you must owe or be with debt, before filing for bankruptcy.

That said, in the event that you owe so small as possible effortlessly manage to repay it, therefore the U.S. Trustee’s workplace or even a creditor objected or filed a movement to dismiss your situation, then yes, your situation may be dismissed for “abuse” associated with the bankruptcy guidelines.

But then there is no reason why you could not obtain a discharge or cancellation of your debts through bankruptcy, assuming that you otherwise qualify for it if you are unable to pay your debts, even though it is not a large payday loans and check cashing Lake City amount of money owed.

But think about any of it very carefully before you file bankruptcy over a comparatively tiny amount of cash. Filing bankruptcy is just a decision that is serious and really should never be done unless you have to do it. If you have a way with you when you consult with our firm for you to avoid filing bankruptcy, we will discuss that

It hurt my spouse’s credit if I file bankruptcy without my spouse, will?

Brief Response: Most Likely Not. Credit history and ratings are held individually for every individual. So that you filed will not show up on your spouse’s credit report on the “public record” section of the report if you file bankruptcy, the fact.

From the section of your credit report that listings your financial situation, the “tradeline” area, the storyline is just a little various. (more…)

Originally posted 2021-03-10 12:18:00.