Ohio | Bankruptcy
Legal Question
Amount of debt required to file bankruptcy
I am divorcing and after all of the assets and debts are split among my husband and I, I will have approx. $25,000 of credit card debt. A friend of mine, who filed jointly with her husband in 1996, told me that I have to be atleast $35,000 in debt in order to file bankruptcy. Is this true?
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Legal Answer
Re: Amount of debt required to file bankruptcy
There is no such minimum debt requirement. If, based on your income vs. expenses, or based upon your amount of assets, you are unable to repay the debt, you can file bankruptcy. If you have any additional questions, feel free to contact me at 513-621-2201 (Cincinnati ofc.)
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Steven L. Schiller, Attorney at Law 4 West Fourth St., Suite 200 Newport Ky (& Cincinnati Oh), KY 41071
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