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how much debt should you have to consider personal bankruptcy

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at what point do you start considering personal bankruptcy? $5k in debt? $10k? $50k? i guess age would matter too wouldnt it? bankruptcy might be a better option when you're younger, say, 24-25, than when you're older at 40 or so?

just curious, got a friend thats got some pretty massive debt, i've been telling him to consider bankruptcy since its gonna take him years to pay it off.
 
I'd say it depends on many, many other factors. Such as, how much are his assets worth? If he's got $100k in debt but has $1 million in assets, then he shouldn't file bankruptcy.
 
Originally posted by: shenaniganz
I'd say it depends on many, many other factors. Such as, how much are his assets worth? If he's got $100k in debt but has $1 million in assets, then he shouldn't file bankruptcy.
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i guess i mean net debt, is that a term? like if you have 30k debt and 10k in savings, i'd call that 20k in debt.
 
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