Bankruptcy law doesn't operate based on a specific threshold of debt; rather, it hinges on whether your debts exceed your ability to repay them. Your financial situation is fundamentally about your income and expenses. If you make $500 a week, you have a $500 weekly budget. If you make $5,000 a week, you have a $5,000 weekly budget. No matter what your lifestyle, if your debts surpass your income, you're facing financial challenges.
Typically, individuals we assist have accumulated debts ranging from $20,000 to $50,000, including credit cards and uninsured medical bills, and their income is insufficient to cover these obligations. If, at the close of each month, you find unpaid bills still on your kitchen table despite earnest efforts to cut expenses, it may be a suitable time to seek advice from a bankruptcy attorney. They can help you assess your financial options and determine whether bankruptcy is a viable solution to regain control of your financial stability.