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Do I Owe Sufficient Debt to File Bankruptcy?

Do I Owe Sufficient Debt to File Bankruptcy?
"""When I was a child, my grandfather told me that if I ate my Lima Beans (Yuck!) they would grow chest hair! After all, my grandfather was a reliable source of information and could bend a spoon just by glancing at it! However, as you age, you realize that if you rely on unproven beliefs, you are in for a rough ride in life.

When they come in for their free evaluation, many of my Orlando bankruptcy clients have the same query, which is rooted in a widespread myth. This is """"Do I Have Enough Debt to File Bankruptcy?""""

In a recent blog post by California bankruptcy attorney Douglas Jacobs, the query """"Am I Eligible to File for Bankruptcy?"""" is answered with a simple """"Yes."""" I concur that virtually anyone is eligible to petition for bankruptcy. I believe the best question to ask is, ""Should I file for bankruptcy?"" This question can only be answered after a bankruptcy attorney evaluates your financial situation in its entirety.

While there are limits on how much debt a person can have and still file for Chapter 13 bankruptcy, no such limits exist for Chapter 7 filings. This means that, if you are filing for Chapter 7, the amount you owe your creditors is irrelevant in determining whether you are eligible to file for Chapter 7.

As an Orlando bankruptcy attorney, I know from personal experience that the Chapter 13 Trustee in Orlando scrutinizes whether Debtors exceed Chapter 13 debt limits and will file a Motion to Dismiss the case if debt limits are exceeded. In particular, if you owe more than $360,475 in unsecured debt (think credit cards, medical expenses, signature loans) or more than $1,081,400 in secured debt (think home loans and auto loans), you may be subject to a motion to dismiss in Orlando.

As an Orlando bankruptcy attorney, I hear numerous bankruptcy myths every day, and the one about having to owe a certain quantity of money to qualify for a Chapter 7 bankruptcy is among the most prevalent. Now that you know you undoubtedly qualify for some form of bankruptcy, I hope that when we meet I can dispel this and other myths you may have heard about bankruptcy filing.""

" - https://www.affordablecebu.com/

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"Do I Owe Sufficient Debt to File Bankruptcy?" was written by Mary under the Finance / Wealth category. It has been read 89 times and generated 0 comments. The article was created on and updated on 03 June 2023.
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