How much debt would it take for you personally make the

[dee b]

decision to file bankruptcy? I know bankruptcy should be a last resort but some people have different personal limits. I would like to know your personal answer. What's the least amount of debt it would take for you to make the decision to file bankruptcy? And what is your annual income if you don't mind?

[NICK A]

one years pay.

[Kym-berly B]

Our annual income is modest, and I would need total debt to equal a years income, not counting a home's mortgage as I count that as positive debt. A car payment doesn't factor as we save out money and pay cash to get the best deal. The closest we come to the car payment is the savings we put away till we find a good deal.

[esoteric_knight]

I would have to say seven to ten times my annual salary, depending on if my job is stable or not.so if I make like 30k a year, that would be somewhere between 210k and 300k.I figure if I make my bed I should lay in it.

[Eric B]

It depends on how much you are in debt. If you cannot pay off the bills like make monthly payments and it is becoming overwhelming to your life and you have constant callers, then you should go and talk to a lawyer for advice.If you are not that far in debt, but just cannot afford this try Chapter 13 where they work everything is together and go from there.Chapter 7 Bankruptcy is tricky now since that law passed to prevent credit cards to be provided into Chapter 7. Most lawyers now want to get you into Chapter 13 to help you pay off your debt, and when it is paid off it leaves your credit report and you then get to keep all the items like your car, house, furniture (if on credit) and other items that can be taken away.