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Does debt amount matter?


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I have been reading the stickies and have read the means test,

but cannot find out any info if the amount owed is important.

At face value my husband and me appear to owe

$4500.00 to MB who has started the arb procedure.

We have also just been contacted by attorneys here

in tx for our other credit card debt - $2900.00 =

total app. $7,500.00.

We are paying a $1,000.00 debt to the IRS with monthly

payments of $100.00.

We have a few credit card debts that are out of SOL

(NCO still contacts me for one for $1,000.00).

My husband was told by someone that you have to be in

debt more than this to qualify for bk.

Just three years ago the bank started the foreclosure

procedure on us, and we were late on a mortgage

payment last Nov.

It is clear we are struggling, but could it be there is no

relief from bk because of amount?

We started out with a very high debt load 7 years ago

of over $20,000.00 and have slowly paid it down to

the above amount. (even dropping out of CCS along

the way).

We now are looking at a probable judgment from

MB and they will tack on thousands in att. costs

and court costs.

Do we wait for a judgment and then try to file

because it will be more? Would we tack on the

SOL debts to up the debt amount?

I can only say we know of a few people who filed

bk a few years ago and have none of these hassles

and creditors constanly calling and one even has

credit cards now! We cannot get one at all if

we even wanted one.

We really should have filed years ago. What a

mistake, especially if we cannot now.

We are looking into into a home euity loan

right now.

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