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Is It True That I Have To Have A Certain Amount Of Debt Before I Can File For Bankruptcy?


No, that is not true at all. There is no debt total that you must reach in order to qualify for a Missouri or Illinois bankruptcy. All that is necessary is your decision, based on all the information that you have attained on the subject, to file the petition for relief.

I am frequently asked by clients whether or not they should in fact file for bankruptcy. And to be honest, there are occasions when I will look at their debt levels, income earned, and equity in their assets, and tell them that, no, they do not need to file for bankruptcy protection. A good lawyer can look at your information, and honestly tell you if it is in your best interest to file such a case.

But more often than not, it is the individuals who believe that they absolutely do not need to file that are in need of relief the most. I am not in the business of trying to convince someone that they should file for bankruptcy, but there are any number of times when I have had to tell someone that the best and only option at this point is pulling that trigger. Most of the time, the apprehension comes from the stereotype that is attached to someone who files. There is a feeling in society that if you file for bankruptcy, this means that you are a deadbeat, or that you cannot handle your finances, or that you are ill-equipped to manage your money. This kind of stereotype comes largely from the credit industry. They of course have a vested interest in you not filing for bankruptcy, so they put out a lot of bologna information about the effects of filing.

However, the United States government describes the bankruptcy process as a “fresh start / clean slate“. It is a chance to wipe the slate clean, and start life over fresh. It’s a chance to get rid of the burdensome debt that has been dragging you down, causing you stress, and affecting every other aspect of your life. And the positive effects of filing for bankruptcy can be seen and felt immediately. No longer can the creditors call you on the phone and harass you day and night. No longer can they send you pushy letters demanding money. No longer do you have to deal with the threat of a wage garnishment, a bank levy, or a lien against your property. You can begin to rebuild immediately, and look towards the future with optimism.

The affordable St. Louis bankruptcy lawyers at The Bankruptcy Company have been getting rid of people’s debts for over ten years. Whether it is St. Louis Chapter 7 bankruptcy or a St. Louis Chapter 13 bankruptcy, we want to make sure that you keep all of your personal belongings, get the fresh start you deserve, and put you in a position reclaim your dignity. Our initial consultations are free of charge, so call today!

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