Chapter 7 bankruptcy does not have a minimum debt - it's more about your ability to pay your debt. If you are having trouble just meeting day to day living expenses, and you have debt beyond that, bankruptcy may be a good solution to get rid of that debt and help you concentrate on meeting your living expenses instead of just going farther and farther into a hole of debt.

Answer Applies to: Indiana
Replied: 11/18/2011

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The question is what benefit will you gain from filing bankruptcy. You say that you can't make your bills, do you mean necessities like electric and water, or payments to creditors? If it is the former, bankruptcy will not help you as you will have to pay for your utilities and/or food whether you are in bankruptcy or not. If it is the later, then, yes, filing bankruptcy will relieve you of having to pay those creditors.

Answer Applies to: Texas
Replied: 11/17/2011

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The US Bankruptcy Code does not have a debt minimum to file bankruptcy. If you are unable keep up on your debt payments bankruptcy may be an option for you. You should speak with a knowledgeable bankruptcy attorney to see if bankruptcy is right for you. Most bankruptcy attorneys offer a free consultation.

Answer Applies to: Arizona
Replied: 11/17/2011

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Yes you can. There is a debt limit in chapter 13, but there is no minimum debt requirement.

Answer Applies to: Florida
Replied: 11/17/2011

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That depends on what you consider a lot of debt.

Answer Applies to: New York
Replied: 11/17/2011

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Yes... if you can't pay, you can't pay. No need to be so stressed.

Answer Applies to: California
Replied: 11/16/2011

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There is no set amount of debt a person must have to file bankruptcy. This is your personal decision and right. The factors you should look at are the amount of debt you have based on your income and expenses. (for example - a person making $100,000 per year would have a different debt threshold than a person earning $25,000 per year.) After going through this process you could file for bankruptcy and no one would question your right to do so regardless of the amount of debt you have.

Answer Applies to: California
Replied: 11/16/2011

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There is no requirement that you owe a minimum amount of debt to file for bankruptcy. However, if you don't owe that much a consumer credit counseling payment program may be an alternative to bankruptcy. One company is MMI or Money Management International, which has many local offices.

Answer Applies to: California
Replied: 11/16/2011

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You could file but need to ask yourself how it would benefit you. If you do not have a lot of debt, then filing bankruptcy would not be very beneficial.

Answer Applies to: Virginia
Replied: 11/16/2011

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The amount of debt is irrelevant when it comes to whether to file bankruptcy. If you cannot afford your debt, then look at bankruptcy as an option.

Answer Applies to: Colorado
Replied: 11/16/2011

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Maybe. Talk to a bankruptcy attorney to see if you qualify for a bankruptcy. It isn't just based upon debt.

Answer Applies to: California
Replied: 11/16/2011

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You can file, but not much point. Bankruptcy discharges debt. It will not do anything about your current budget.

Answer Applies to: Colorado
Replied: 11/16/2011

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Yes. There is no minimum requirement of debt to file for bankruptcy. What feels like not a lot of debt to you, may feel like a lot of debt to someone else.

Answer Applies to: Georgia
Replied: 11/16/2011

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The answer will depend on your specific economic situation, but often it is possible to declare bankruptcy without a great deal of debt. A more serious question may be, is it wise to declare bankruptcy for only a small amount of debt.

Answer Applies to: New York
Replied: 11/16/2011

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There is no minimum amount of debt to file bankruptcy.

Answer Applies to: New York
Replied: 11/16/2011

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Sure. There is no minimum amount necessary to file but it may not make a lot of sense. Bankruptcy is not cheap and will damage your credit for years which translates into "If you file, are you getting your money's worth?". Only you can decide that.

Answer Applies to: Texas
Replied: 11/16/2011

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You can file on a small amount of debt, but you really shouldn't if you can help it. If you file a Chapter 7 over a couple of thousand dollars, you can't file another one for 8 years, and you might really need it some other time, for example if you got sick and had to run up a bunch of medical bills. I would try working with the companies, seeing if you can a lower payment,, lower rate or settle for a lower amount, bankruptcy would be the last option and only if truly there is no other way out and no other expenses you can cut to make the payments. Good luck!

Answer Applies to: Michigan
Replied: 11/16/2011

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What is a lot is up to each person. As a bankruptcy lawyer I often recommend other options like settling with each creditor.

Answer Applies to: New York
Replied: 11/16/2011

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Yes, a lot of debt can mean different things to people. However if you are able to pay your bills each month it might not be enough for you. If your monthly bills and expenses are more than your income you meet the first test.

Answer Applies to: Colorado
Replied: 11/16/2011

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You do not have to have a large amount of debt to file bankruptcy. Each person’s circumstances in choosing to file are unique. In filing for bankruptcy you need to decide what type of bankruptcy you qualify for based on your financial circumstances and whether that is the best option for you. You should consult an attorney to discuss the types of bankruptcy and whether it is your best choice.

Answer Applies to: Wisconsin
Replied: 11/16/2011

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Yes. There is no limit (upper or lower) on the amount of debt necessary to file a Chapter 7 bankruptcy. But it probably will not make sense to file if the amount of debt is very low.

Answer Applies to: Texas
Replied: 11/16/2011

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There is no minimum amount of debt to file bankruptcy. It's simply a matter of what is the best solution for your situation In a lot of cases, filing bankruptcy can be very beneficial for reasons other than just eliminating debt. It can also enable you to start rebuilding your credit. A consultation with a bankruptcy attorney will enable you to help assess your options.

Answer Applies to: California
Replied: 11/16/2011

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While I sympathize with you for scrambling to keep up with your payments, doing so is so much better than filing for bankruptcy. I encourage you to keep at it and hopefully the employment picture will get enough better for you to get ahead of it.

Answer Applies to: California
Replied: 11/16/2011

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If you cannot afford to pay then you have enough debts. That's the test.

Answer Applies to: California
Replied: 11/16/2011

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You can file bankruptcy for any amount of debt that you believe justifies the time and expense.

Answer Applies to: Colorado
Replied: 11/15/2011

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Depending on numbers we have not seen it may be possible but it may or may not be smart.

Answer Applies to: Georgia
Replied: 11/15/2011

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Debt is relative to your income and ability to pay them. If erasing your debt will allow you to have a fresh start, then it is most likely the right decision.

Answer Applies to: New Jersey
Replied: 11/15/2011

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You can file for bankruptcy at any time as long as you qualify. Bankruptcy may or may not be the answer for you.

Answer Applies to: Utah
Replied: 11/15/2011

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I wouldn't. You should consider re-financing some of your debt and make an agreement with your unsecured creditors.

Answer Applies to: Georgia
Replied: 11/15/2011

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It really depends more on whether you can pay your debts now based on your income and whether or not a bankruptcy would improve your financial circumstances as opposed to how much or how little debt you have.

Answer Applies to: California
Replied: 11/15/2011

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Yes. There is no minimum for how much debt you must have to file for Bankruptcy. It's all a matter of how solvent you are and what assets are in danger of liquidation.

Answer Applies to: California
Replied: 11/15/2011

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Yes. You can file for bankruptcy irrespective of your low level of debt.

Answer Applies to: California
Replied: 11/15/2011

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