{"id":3779,"date":"2010-10-29T09:00:44","date_gmt":"2010-10-29T09:00:44","guid":{"rendered":"http:\/\/www.duncanlawonline.com\/?p=3779"},"modified":"2015-04-11T23:04:13","modified_gmt":"2015-04-11T23:04:13","slug":"can-i-have-too-much-debt-to-file-bankruptcy","status":"publish","type":"post","link":"https:\/\/www.duncanlawonline.com\/staging\/8350\/can-i-have-too-much-debt-to-file-bankruptcy\/","title":{"rendered":"Can I Have Too Much Debt to File Bankruptcy?"},"content":{"rendered":"

[youtube]http:\/\/www.youtube.com\/watch?v=0JKDwQe-6oU[\/youtube] <\/p>\n

.<\/span><\/div>\n

In terms of a Chapter 7 bankruptcy<\/a> you cannot have too much debt to qualify.\u00a0 There is no minimum debt amount to be eligible to file for a Chapter 7.\u00a0 However, since a person can only file a Chapter 7 bankruptcy once every 8 years, it is important to determine that the time that you file your bankruptcy that your debt is absolutely too much for you to pay back.<\/p>\n

For a Chapter 13 bankruptcy<\/a> there are some limits in regards to having too much debt.\u00a0 A person can have no more than $360,475 of unsecured debt, which an example of unsecured debt would be credit cards and\/or medical bills and no more than $1,081,400 in secured debt.\u00a0 The best examples of secured debts would be a house or car.\u00a0 The restrictions for a chapter 13 bankruptcy are based upon the time constraints that a person will actually be in bankruptcy.\u00a0 A person is required to pay back a portion of their debts within 60 months while in a Chapter 13 bankruptcy and this time frame helps determine the amounts that you will be paying each month to the trustee.<\/p>\n

Therefore, you cannot have too much debt to file a Chapter 7 bankruptcy but you may have too much debt to file a Chapter 13 bankruptcy. If you are unable to file a Chapter 13 bankruptcy then you could always file a Chapter 7 instead.<\/p>\n","protected":false},"excerpt":{"rendered":"

[youtube]http:\/\/www.youtube.com\/watch?v=0JKDwQe-6oU[\/youtube] . In terms of a Chapter 7 bankruptcy you cannot have too much debt to qualify.\u00a0 There is no minimum debt amount to be eligible to file for a Chapter 7.\u00a0 However, since a person can only file a Chapter 7 bankruptcy once every 8 years, it is important to determine that the time … Read more<\/a><\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"nf_dc_page":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[6,28,7,8,10,30],"tags":[],"class_list":["post-3779","post","type-post","status-publish","format-video","hentry","category-bankruptcy","category-bankruptcy-video","category-chapter-13","category-chapter-7-2","category-duncan-law-blog","category-video","post_format-post-format-video"],"yoast_head":"\nCan I Have Too Much Debt to File Bankruptcy?<\/title>\n<meta name=\"description\" content=\"It depends on which type of bankruptcy you file. 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