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How much do I need to owe to file for bankruptcy?

Many people who call are concerned about their eligibility for a Chapter 7 bankruptcy and wonder if their level of debt will allow them to file for bankruptcy.

The answer is that there is no minimum debt amount required to file a Chapter 7 bankruptcy. A more important issue is whether you earn enough income to pay off your debts.

If you earn enough money to pay your debts off over time, you may have difficulties successfully filing a Chapter 7 bankruptcy. So you should look at your debts in proportion to your income to determine whether you can pay off your debts over time while still paying your reasonable housing and food expenses.

If you are concerned about being eligible for a Chapter 7 bankruptcy in New Jersey, please call 201-676-0722 for a free consultation or email jweil@jenlawyer.com.

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