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 Massachusetts. This limit is based on the amount of debt you have compared to the value of your assets. In order to file for bankruptcy, the amount of unsecured debt you owe must be greater than your assets. This means that if you have more assets than your debt, then it will not be possible for you to file for bankruptcy. In addition, the amount of revenue of the person filing for bankruptcy must be taken into account when calculating the amount of debt they can have when filing for bankruptcy. A potential filer must demonstrate that their total household income qualifies them for the type of bankruptcy filing they wish to pursue. It is important to note that different types of debt have different thresholds for filing for bankruptcy. For example, the amount of student loan debt a person can have when filing for bankruptcy may be different from the amount of credit card debt. In order to determine the exact amount of debt you need to have when filing for bankruptcy, it is best to consult with an experienced bankruptcy attorney. An attorney can help you understand your particular situation and what type of bankruptcy filing is best for you.

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

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