Bankruptcy Myths: “I don’t have enough debt.”

debtEvery day we hear bankruptcy myths that are truly quite saddening. Misinformation about bankruptcy is keeping the people who need most – and, who could benefit most – from filing. These bankruptcy myths are everywhere, and they’re often encouraged by those who know little or nothing about the process. One of the worst bankruptcy myths out there is the one that says, “I don’t have enough debt to file for bankruptcy.”

Why You Can File for Bankruptcy

If you find yourself seriously considering bankruptcy, then it’s almost certain that you will qualify for the incredible debt relief you so desperately need. It’s important to note that qualifying for bankruptcy isn’t based on any particular dollar amount. You don’t have to have $5,000 worth of debt to file; you don’t have to have $10,000.

There is no fixed amount of debt you have to have in order to file for any kind of bankruptcy, be it Chapter 7 or Chapter 13. The amount of debt is judged on a case by case basis. While $2,000 worth of debt might not sound like a significant amount to one person, it could be the most burdensome debt for someone else.

Fortunately, the courts are aware of this, and consider your income, assets, expenses, debt, future prospects, and more when your case is examined. If you want to get more information on whether or not you can qualify for bankruptcy, speak to a Tampa bankruptcy attorney today. Your bankruptcy attorney can help you determine which type you should file for, and how you should go about the process.



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