Boston, MA asked in Bankruptcy for Massachusetts

Q: Is there a minimum amount of debt I need to have accrued to be able to file for bankruptcy?

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1 Lawyer Answer

Theresa Spearing

Answered
  • Bankruptcy Lawyer
  • Concord, NH
  • Licensed in Massachusetts

A: No there is no minimum amount of debt required in order to file for bankruptcy; however before you consider filing for bankruptcy it is important to determine whether you can pay the owed debt without the need to file. If you cannot pay off your debt within a reasonable amount of time and without incurring high interest rates, then bankruptcy may be the best option for you.

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