How much debt do I need to file Chapter 7 Bankruptcy
Hi, I'm Matt McArthur, bankruptcy attorney at Clear Counsel Law Group.
Recently had someone ask me, how much debt can I have, before I can no longer file for Chapter 7 Bankruptcy?"
I have good news on this front, the answer is, that there's no limit. You can have an infinite amount of debt and still be able to file for Chapter 7 Bankruptcy.
Now, this question was specifically geared towards Chapter 7 Bankruptcy. There is, however, a limit that you need to be aware of, if you're considering filing for Chapter 13 Bankruptcy.
In Chapter 13 Bankruptcy, there are limits on how much unsecured debt that you can have, and that's definitely a topic that you would want to raise with an attorney at the time that you do a consultation for a bankruptcy, if you're considering filing under that chapter. However, under Chapter 7 Bankruptcy, there are no limits.
This is Matt McArthur at Clear Counsel again. I'll see you next time.
