How Old Do You Have to Be to File Bankruptcy in Arizona?

If you’re over 18, you can file for bankruptcy. Of course, it normally takes a person years to accrue the kind of debt that would warrant filing for bankruptcy. Unless your debt-to-income ratio is at least three to one, the court is not likely going to approve your bankruptcy. Your Arizona bankruptcy lawyer can certainly look at your credit report and see what sort of money you owe. You can always call and set up an appointment to come in and meet with one of our attorneys.

You Have to Be 18 to File a Bankruptcy Petition

For the most part, you need to be 18 to file any sort of court papers. You can’t sue somebody unless you’re 18. You can’t be sued unless you’re 18. There are only a few exceptions to this rule. For example, a child can sue in family court to be removed from their parents’ custody. This is very rare. The courts rarely see any sort of papers filed by people under the age of 18. That is why your Arizona bankruptcy lawyer would not be filing a petition on your behalf.

It is Rare for a Minor to Have Any Debt

Years ago, a lot of the credit card companies would approach young people and try to get them to apply for a credit card. The colleges would be invaded by credit card companies who would tell students to lie about their age and they would guarantee them a card. And it worked. Tons of kids would walk away with a credit card that they were not prepared to use. They had no idea about credit or interest rates. They just saw a piece of plastic that would allow them to spend money and not have to pay it back. What was happening is that these accounts would go into default, and when the student turned 18, the banks would go after them for the money. This sort of thing is highly regulated today and doesn’t happen as often. That is because minors are not allowed to legally contract for debt.

Your Arizona Bankruptcy Lawyer Can Only Include Debts Acquired as an Adult

When you file for bankruptcy, either a Chapter 7 or a Chapter 11, the trustee is going to look at your debts and assets. Since somebody who is under the age of 18 cannot acquire debts or assets, it would be strange for a trustee to find a petition filed by a minor. Your Arizona bankruptcy lawyer would likely not attempt to file the petition in the first place. It would more than likely be dismissed by the court upon receipt.

Call and Talk to an Experienced Arizona Bankruptcy Lawyer Today

It would be a very rare thing indeed for a person under the age of eighteen (18) to consider filing bankruptcy. Minors are generally not allowed to open debts in their own name. There are times when a parent may list their son or daughter as a co-signor on a loan in order to help establish their credit. However, for a bank to approve a legitimate loan, the applicants have to be 18 years old. If you have recently turned 18 and think you need to file for bankruptcy, you can certainly call and talk to one of our Arizona bankruptcy lawyers. They can look and see what sort of debt you’ve racked up and whether you would qualify for a Chapter 7 bankruptcy. You can take the time to meet with a skilled attorney who has been handling bankruptcy cases for years or even decades.