How Much Debt Is Enough To Consider Bankruptcy In Florida?
Each situation is different and you should consult with an attorney before deciding on bankruptcy. There is not a magic number of debt or threshold you must incur before you can file. However, there is a cap on the amount of secured and unsecured debt you can have in order to file chapter 7. There may be other options available to avoid bankruptcy altogether.
Many factors are taken into consideration such as: household income, overall debt, type of debt, and the value of your assets. Chapter 7 should probably be considered if you have a lot of unsecured debt, (creditors who do not have collateral on any of your property)you have very few assets, make a lower income, and will not be able to repay these creditors anytime soon.
Chapter 13 should be considered by those who have a lot of property they wish to keep, have a stable income, and who are unable to file Chapter 7.
There are typically other options available when you are behind on your mortgage. To qualify for these alternatives to bankruptcy, you should check with your lender to see if you in fact do qualify.
If you have questions about bankruptcy in general or alternatives to bankruptcy, please contact Jacksonville Bankruptcy Attorney.
Greg Gilbert
Keith Maynard
