Thread: what exactly does filing bankruptcy mean and how much will effect me in the future

how much in debt do u have to be

Filing bankruptcy means you are insolvent and unable to pay your debts in a reasonable amount of time.

Depending on your state/jurisdiction you need $10,000-$50,000 of debt to apply for bankruptcy. Aside from the negative emotions that accompany filing bankruptcy and possible public shame, your credit report will do 10 years of time for this move.

You'll have to learn to live slim and on a cash only basis for the first 2-3 years for sure. Unless you have a well paying job, you won't likely get loans or any credit. If you do the interest rate will make your head spin.

Just keep a low financial profile and don't spend what you can't afford.
Just keep saving and start over.