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

In Washington, there is a minimum amount of debt required in order to file for Chapter 7 Bankruptcy. The purpose of filing for Chapter 7 Bankruptcy is to have all of your eligible debts discharged, or eliminated. In order for a person to be eligible to file for Chapter 7 Bankruptcy, they must have more than $10,000 in unsecured debts, such as credit card debt, medical bills, and personal loans. Additionally, they must have less than $100,000 in secured debt, such as mortgages or car loans. If the amount of debt a person has falls below the minimum amount to file for Chapter 7 Bankruptcy, they may still choose to file for Chapter 13 Bankruptcy. Chapter 13 Bankruptcy is a repayment plan where the debtor makes payments to their creditors over a three to five year period rather than having their debts discharged. In either case, it is important to speak with a legal professional before filing for bankruptcy in order to understand the consequences of filing and make sure that the decision is in your best interest. A lawyer can help you understand the full implications of filing for bankruptcy, and make sure that you are taking the right steps to get your debt under control.

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

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