Q: I am in 30,000 debt with a loss in pay and not able to make payments. Should I try a DMP or file bankruptcy?
A: Without more facts it's impossible to answer this question. If a debt management program is manageable with some tweeking of your budget then certainty it may be worth a try. There is no minimum amount required as far as debt in order to file for bankruptcy protection. Whether filing chapter 7 is advisable will depend on more facts such as: what is your current monthly income, what are your reasonable and necessary living expenses. The type of debt you have since some debts are not dischargeable in bankruptcy and some are dischargeable only under certain conditions. The best thing to do if you are wondering what to do is to consult with a bankrutpcy attorney to discuss the two different options. The attorney will want more detail about your financial situation to help you make the right choice.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.