How much debt should you have to file chapter 7 bankruptcy?
Attorney Jim Monroe discusses how much debt you should you have before filing chapter 7 bankruptcy.
Attorney Tom Olsen: Is there an amount of money that they have to wipe out as far as their debt is concerned to make it worthwhile? Is it a $1000, $2000, $5000?
Attorney Jim Monroe: As Einstein says, "It's all relative." If you can't afford to pay your debts, you can't afford to pay your debts whether or not you're a multi-millionaire or whether or not you're an hourly minimum wage debtor. It is all relative to the amount of income coming in versus the amount of debt and that's one of things we assess. I might add that both Cynthia Lewis and I are board certified in bankruptcy law and I've been doing this for over 30 years.
Attorney Tom Olsen: Hey folks, my guest today is attorney Jim Monroe, bankruptcy attorney