Is there a limit to the amount of debt I can have when filing for bankruptcy?

Yes, there is a limit to the amount of debt you can have when filing for bankruptcy in California. The amount of debt you can have and still qualify for bankruptcy is determined by the creditors and is based on your income, expenses, assets and debts. Generally, if your total debt is less than $300,000 you can file for Chapter 7 bankruptcy. If your total debt is greater than $300,000, you can file for Chapter 13 bankruptcy. Under Chapter 7 bankruptcy, all your eligible debts will be discharged, which means they no longer have to be paid. Under Chapter 13 bankruptcy, however, you will still have to pay all or a portion of your debts. The amount paid will be determined by the court based on your income and expenses. In addition to the limits set by creditors, there are other restrictions on who can file for bankruptcy. You must meet the requirements of being able to pay back at least a portion of your debt, have a steady income and be able to make the required payments. You must also be able to show that you have gone through all other options of dealing with your debt before filing for bankruptcy. Overall, it is important to understand the limits of bankruptcy when filing for it in California. Knowing what debt limits you can have and what other requirements apply can help you make the right decision for your situation.

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Is there a limit to the amount of debt I can have when filing for bankruptcy?

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