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?
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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.