What is the minimum amount of credit card debt I need to file a bankruptcy?
There is no minimum. However, if you have $15,000.00 worth of credit card debt, and your credit cards are averaging 20% interest rates, then that is costing you $3,000.00 per year in interest alone. If you owe $30,000.00 of credit card debt at 20%, then you are being charged $500.00 per month in interest. That means if you pay $600.00 per month to your credit cards, your total amount of credit card indebtedness is reduced approximately only $100.00 (and much of that $100.00 is probably being eaten up by over the limit fees and late payment penalties).
