How much debt should one have before seriously considering filing for a Chapter 7 bankruptcy?

I would say a minimum of $10,000.00 in debt. The criteria that every person will use will be different. I used to think that I’d only file a chapter 7 bankruptcy case if I could never in my lifetime pay back the money I owed. But the truth is: life is hard and bankruptcy laws are in place for people like me and you. Once your income is less than your expenses, you are clearly in over your head in terms of debt. Since this is the case, it's time to seriously consider filing for Chapter 7 bankruptcy. The average American has more than $10,000 in credit card debt alone, which is much too much to be considered normal. A good rule of thumb is to live on no more than 50 percent of your income; with that in mind, ask yourself if you could survive on just $500 per month if you had no access to credit cards. If not, then it's time to get rid of all unnecessary debts before filing for Chapter 7 bankruptcy.

 

A yellow poster stating "Utah bankruptcy" - call (801) 676-5506 for a free consultation.

When you need to talk to a Chapter 7 bankruptcy lawyer, call this law firm for a free bankruptcy consultation:

Ascent Law LLC

8833 S Redwood Rd Ste C

West Jordan UT 84088

(801) 676-5506

https://g.page/AscentLaw

https://www.ascentlawfirm.com/chapter-7-bankruptcy-in-utah/ 


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