Q: how much credit card debt can you have before you can apply for bankruptcy.
A: The question is not so much as the debt, but the equity in your property and your income which determines your means test. That is more relevant than the debt you have.
A:
You do not need any. You might have medical debt or a number of other types of debt as a result of broken leases, repossessed cars or signature loans. The question is when does filing bankruptcy make sense. Are you judgment proof? Can you protect everything you want to protect?
If you cannot pay the debt it does not matter if it $5000 or $50,000. However, some people want to file bankruptcy over an $800 cable bill which does not make any sense when you consider the cost of the bankruptcy and the hit your credit will take. Contact a local bankruptcy attorney and schedule a consultation. Then you can decide on bankruptcy is the right choice for your situation. You can search for an attorney using the Justia "Find a Lawyer" link at the top of this page.
Juan B Hernandez agrees with this answer
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