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Is There a Minimum Amount of Debt I Must Owe Before Bankruptcy Becomes an Option?

There are a number of bankruptcy myths out there that keep struggling consumers from filing for bankruptcy and obtaining relief from their debts, and a bankruptcy minimum is one of them. If you’re not familiar with this one, many people are under the assumption that there is a minimum amount of debt they must owe before they are eligible to file for bankruptcy in Oklahoma. This is not the case. In short, the U.S. Bankruptcy Code does not require a minimum amount of debt to file for Chapter 7 or Chapter 13 bankruptcy, and there is not a certain amount of debt that “justifies” seeking bankruptcy protection either. If you are considering filing for bankruptcy in Oklahoma, contact our experienced attorneys at Oklahoma Legal Center to discuss your legal options.

Understanding Bankruptcy in Oklahoma

If you are struggling with unpayable debt, the first thing you should remember is that the decision to file bankruptcy should not be based on the amount of debt owed, since debt is relative. In other words, what may seem like a small amount of debt to one person can be overwhelming to another person. Instead, the decision to seek bankruptcy protection from the court should be made after considering whether or not there are other options available that can help you pay off the debt in the short-term – for example:

  • Selling assets;
  • Reducing discretionary expenses; or
  • Increasing income by taking on a second job.

If there doesn’t seem to be another option for you, then bankruptcy may prove to be the best way for you to relieve your debt. Another factor that could play a major role in your decision would be if you have been sued by a creditor and are now facing garnishment of your wages or bank account, as this can have serious consequences for your financial well-being.

Consult Our Experienced Lawyers for Help

With the economic downturn in recent years, many Americans are working as hard as ever, but are simply unable to get ahead of their debt. For people who find themselves in this difficult situation, filing Chapter 7 or Chapter 13 bankruptcy could be the chance they need to finally improve their financial situation. If you think bankruptcy might be a good option for you and your family, contact our knowledgeable lawyers at Oklahoma Legal Center for legal help. Our law firm is located in Oklahoma City, and our team of attorneys has extensive experience helping Oklahomans put a stop to calls from creditors and seek bankruptcy protection from the court. With our lawyers on your side, you can discharge your debt or organize it into an affordable repayment plan, finally getting the debt relief you deserve.

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