June 9, 2016
1. There is a minimum amount of debt required to file for bankruptcy
- Bankruptcy laws have not set any minimums on the amount of debt needed in order to qualify for bankruptcy. If your debt is beyond your ability to pay, you can opt to file for bankruptcy, however, if your debt exceeds certain amounts, you may be required to file a certain type of bankruptcy.
2. You will not be able to file for bankruptcy if you work a “good paying” job
- Just like there are no limits on the minimum debt required to file for bankruptcy there are also no income limits on who can file for bankruptcy. The amount of money you have left over to pay your creditors after subtracting allowable expenses does determine the type of bankruptcy you can file. This is referred to as disposable income.
3. If you are married both spouses must file for bankruptcy