There is no minimum amount of debt you must have in order to file for bankruptcy. What qualifies as unmanageable debt for one person may be completely manageable for another. It depends on your personal financial situation.
However, it is important to keep in mind that it does cost money to file for bankruptcy, so it might not make sense to file if you have only a few hundred dollars worth of debt.
Note also that while there is no minimum threshold for filing bankruptcy, there is a limit set on the maximum amount of debt you can have to file for Chapter 13 bankruptcy. In order to be eligible to file for Chapter 13 bankruptcy, you must have less than $336,900 in unsecured debt and less than $1,010,650 in secured debt.
To receive free legal advice from a Texas bankruptcy attorney, contact Fears | Nachawati today. You can email us or phone us toll free at 1.866.705.7584.