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 the state of Florida. This limit is set at the federal level by the United States Bankruptcy Code. Generally speaking, this limit is based on the amount of debt that you can reasonably be expected to pay off over a 3 to 5-year period. The exact amount of debt that is allowed to be discharged will depend on the type of bankruptcy you are filing for and the jurisdiction you are filing in. For instance, if you are filing for Chapter 7 bankruptcy in Florida, the amount of debt you can have and still qualify for Chapter 7 bankruptcy is limited to $419,275 in unsecured debt (credit cards, medical bills, etc.) and $1,257,850 in secured debt (mortgages, car loans, etc.). On the other hand, if you are filing for Chapter 13 bankruptcy in Florida, the amount of debt is limited to $419,275 in unsecured debt and $1,257,850 in secured debt. However, the total amount of debt allowed for a Chapter 13 bankruptcy is limited to $360,475. No matter which type of bankruptcy you choose to file for in Florida, the amount of debt you can have and still qualify for bankruptcy is limited. It is important to consult with an experienced bankruptcy lawyer to determine what type of bankruptcy is best for you and how much debt you are allowed to have.

Related FAQs

What is bankruptcy?
What are the consequences of not filing for bankruptcy?
Does bankruptcy eliminate liens?
What kind of debt relief is available to married couples filing for bankruptcy?
How often can I file for bankruptcy?
How do I know if I qualify for a repayment plan?
How long do I have to wait before I can file for bankruptcy again?
What is the process for filing for bankruptcy?
What do I do with any unexpired leases or contracts when filing for bankruptcy?
What documents will I need to file for bankruptcy?

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

Related FAQs

Related Blog Posts