People of Jacksonville, Florida, are often confused about the amount of debt that they must owe in order to qualify for bankruptcy. However, there is no particular amount of debt required to be eligible to file for a Chapter 7 or a Chapter 13 case, though there is an upper limit in Chapter 13 (over a million dollars).
One of the first questions which a bankruptcy attorney might ask you on meeting you for the first time is that why do you think you need bankruptcy? You will then have to answer some general questions regarding your income, liabilities, assets, and expenses so that the attorney can analyze your financial situation. Sometimes, bankruptcy might not be the best option for you. In that case, you should take advice from your attorney and then make any decisions.
A person can file for bankruptcy irrespective of whether he or she owes a hundred thousand dollars or just a hundred dollars. The question is not about the eligibility, it is about the need to file for bankruptcy at all. It is not an easy decision to make. The process of bankruptcy can be stressful and embarrassing. No one actually wants to be a bankruptcy filer. Unfortunately, bankruptcy is the only best option at times. For example, Abraham Lincoln had to file for bankruptcy after the failure of his grocery store. He must have surely considered other options before settling for bankruptcy. Later on, he became one of the most famous presidents of the United States.
Bankruptcy was enumerated in Article 1, Section 8 of the Constitution, with an effort to recognize the need to have a fresh start for the people with heavy debts. With bankruptcy, no one needs to remain a slave to their creditors. You can consult the best bankruptcy attorneys of Los Angeles & Dallas, TX, for best and proper guidance in matters of bankruptcy. Visit www.recoverylawgroup.com or call on 888-297-6203.