> Discuss Your Legal Issue > Ask a Lawyer > Bankruptcy > Hi, I wanted to ask if I'm able to claim bankupcy with only owing maybe 15, 000 together in bills and credit card debt.

Hi, I wanted to ask if I'm able to claim bankupcy with only owing maybe 15, 000 together in bills and credit card debt.

1 Answers. Asked on Mar 29th, 2017 on Bankruptcy - New York
More details to this question:
I'm being sued as we speak and I have no job at the moment. I lost my job due and became unable to pay bills and now my credit is horrible. I'd like to claim bankruptcy, but I'm not sure if I meet the requirements.
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Answered on Apr 01st, 2017 at 8:03 AM

To answer your question, you meet the requirements.  However, you might do better answering the suit and trying to settle each debt.  $15,000 is not a lot of debt for a bankruptcy.  The legal fees and long term credit consequences might be more than you could pay in a settlement.

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If you're struggling to pay off your delinquent debts and getting hounded by collection agencies, then it's time to address your financial problems. And filing for personal bankruptcy may be the ideal solution. Whether you're an individual or married couple considering Chapter 7 or Chapter 13 bankruptcy, or a business considering a Chapter 11 reorganization, or a farmer considering Chapter 12, you need the advice and guidance of an experienced bankruptcy attorney. Your lawyer can help determine which form of bankruptcy is right for you, prepare and file all of the paperwork, and advise you throughout the bankruptcy process.
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