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$25000 in debt ok to file for bankrupt?

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    $25000 in debt ok to file for bankrupt?

    This is just a rough estimate of money that I owe to credit card companies, car loans, and other bills. Is this too little to file? I just can't pay them. I haven't for years and now I am behind on my utility bills. It's sad but true, I need all the advice I can get.
    Edited* to add that I am a single mother of 5 children. Two of them are foster. I pay my rent but am barely paying my current utility bills I am kind of late on those also.
    Thanks
    Last edited by LyMing; 08-30-2006, 02:32 PM.

    #2
    25,000 is ok. There is no set amount for a chapter 7. The only way 25k would be a problem is if you were over the median income for your state and you can afford to pay back at least 25% of that amount. Are you over your state's median income? You may have to get caught up on the utilities or if you decide to have the back payments discharged in bankruptcy then you will need to give them a deposit for future services.
    Last edited by FoolAndHisMoney; 08-30-2006, 03:31 PM.

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      #3
      $25,000k is not too little to file on, there is no limit.

      You may want to consider what affect your filing might have on being a Foster Parent. I don't know anything about it but the first thing that comes to mind is that whomever oversees that, may see you as insolvent and not and environment that foster children should be in? Maybe they will think you can't afford it?
      Last edited by Hot-Tod-E; 08-30-2006, 02:55 PM. Reason: added

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        #4
        Definately consult with a few attorneys too
        The information provided is not, and should not be considered legal advice. All information provided is only informational and should be verified by a law practioner whenever possible. When confronted with legal issues contact an experienced attorney in your state who specializes in the area of law most directly called into question by your particular situation.

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