How much do I need to owe to be in debt to file for bankruptcy?

Asked on January 11, 2013 under Bankruptcy Law, California


FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

Ordinarily it is not a question of how much a person owes to file a petition for bankruptcy but rather a situation as to how much one's debts exceed one's assets in comparison to the costs of filing and obtaining a bankruptcy discharge. From there the debtor upon advice of competent bankruptcy counsel makes a decision to either file for bankruptcy protection or try and pay off his or her creditors on his or her own.

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