How Much Debt Do I Need to File Bankruptcy? - Episode 419
This is a question I get quite often - "How much debt do I need to have in order to file bankruptcy?"
The answer might surprise you - it depends!
Are you self-employed?
Have you had a drop in income?
What type of debt do you have? Business debt? Medical? IRS?
Typically, our answer is that you need to have more debt than you can repay over a reasonable period of time. So someone with $30,000 in debt who makes $50,000 per year may be a good candidate for bankruptcy. Whereas someone with $100,000 in debt who makes $1 million per year may be a bad candidate for bankruptcy.
Today's discussion…
The skinny
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