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What is the minimum amount one can file for Chapter 7 bankruptcy?I am currently in good standing with my creditors. Currently, my total personal debt is $30k with an income of $43k. I had filed bankruptcy over 10 years ago due to foreclosure. Things were fine, but now I am helping two siblings and a relative due to job loss and have already missed some credit card payments. I have no car or mortgage payments, but feel have no choice but to file Chapter 7 in order to help my siblings. One has been employed for over a year now. Attorney answers (2)
Reputation Level 12
Answered over 2 years ago.
Chapter 7 Bankruptcy Attorney in Atlanta, GA.
There is no minimum debt level to qualify to file under Chapter 7.
There are limits to the amount of your household's yearly income to qualify to file under Chapter 7. Check the following link for CA's income thresholds. http://www.justice.gov/ust/eo/bapcpa/meanstesti... If your household's income is above the thresholds in CA, you may still qualify by taking advantage of the available deductions. I hope this information was helpful. Van Wieren Law Firm, LLC **I am not licensed to practice law in CA. My response to your post was not legal advice.
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Reputation Level 8
Answered about 2 years ago.
Bankruptcy Attorney in San Francisco, CA.
There is no minimum amount of debt to filed bankruptcy. From a practical point of view you should file if you are likely to have a significant amount of debt discharged. For a person with an annual income of $43,000 per year $30,000 is a significant amount of debt to service. In my opinion, you should consider bankruptcy as one of your options. Since your last bankruptcy was filed more than 8 years ago you have a right to file again.
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