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 Idaho. The amount of debt allowed depends on the type of bankruptcy you choose to file. Generally, for Chapter 7 bankruptcies (debt liquidation), you must have less than $16,775 in unsecured debt and less than $45,475 in secured debt. For Chapter 13 bankruptcies (debt reorganization), you must have less than $419,275 in unsecured debt and less than $1,257,850 in secured debt. You should also keep in mind that not all types of debt can be discharged through bankruptcy. For example, student loans, child support, and certain taxes are not eligible for discharge. If your debt exceeds the allowed amount, other options for dealing with your debt may be available to you, including debt consolidation, debt management, and credit counseling. These options may help you to pay off your debt without filing for bankruptcy. Additionally, there is a “means test” that helps to determine eligibility for filing for bankruptcy. The bottom line is that the amount of debt you can have when filing for bankruptcy in Idaho will depend on the kind of bankruptcy you choose to file and your income. It is important to understand the limits before you decide to file for bankruptcy and to consult with a financial advisor or bankruptcy attorney if you have any questions or concerns.

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

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