Is there a minimum amount of debt required to file for Chapter 7 Bankruptcy?

Yes, there is a minimum amount of debt required to file for Chapter 7 bankruptcy in Florida. According to the U.S. Bankruptcy Code, a person filing for Chapter 7 bankruptcy must have more than $15,775 of unsecured debt such as credit card debt, medical bills, and unpaid utility bills. Additionally, a person filing for Chapter 7 bankruptcy must have more than $39,675 of secured debt such as mortgages, auto loans, and other similar loans. However, even if a person’s debt does not meet the Chapter 7 eligibility requirements, there are still other options available. A person with a lower amount of debt may be eligible for Chapter 13 bankruptcy. In this type of bankruptcy, a person’s debts are consolidated and paid off over an extended period of time with a payment plan. Additionally, a person may be eligible for Chapter 11 bankruptcy, which is designed for businesses that need to reorganize their debts. In summary, a person filing for Chapter 7 bankruptcy in Florida must have more than $15,775 of unsecured debt and more than $39,675 of secured debt. If a person’s debt does not meet the Chapter 7 eligibility requirements, there are other options, such as Chapter 13 or Chapter 11 bankruptcy.

Related FAQs

Is there a minimum amount of debt required to file for Chapter 7 Bankruptcy?

Related FAQs

Related Blog Posts