Best Consumer Protection Lawyers in North Charleston, SC

How Much Debt Do I Need to Owe Before I Can File For Bankruptcy? There is no debt amount minimum required to file for bankruptcy protection. You should simply have more debt that you can afford to repay. This will vary greatly from person to person. A debt load of $15,000.00 is an inconvenience to some households and an overwhelming mountain to others. The basic question is whether the amount of outstanding debt impairs the household’s ability to function and maintain a reasonable standard of living. The first step is a written, detailed household budget. Look at your income and living expenses to determine what, if anything, that you have available to service the debt. If you can buckle down and cut discretionary spending to repay the loans you probably do not need bankruptcy help. If your debt is beyond your ability to pay in a reasonable manner or over a reasonable time, then bankruptcy will reduce or eliminate your debts and provide a fresh start. If you are financially struggling it is wise to discuss your options with an experienced attorney. We regularly advise clients to seek strategies other than bankruptcy if their circumstances are not significantly improved by seeking bankruptcy protection. Please remember that these are basic answers to common questions and not legal advice. We can discuss your situation in detail during a free, confidential consultation with an attorney. We are a debt relief agency.