How much debt do you need to file Bankruptcy?
Under Bankruptcy law there is no minimum amount of debt you must have in order to file either a Chapter 7 or a Chapter 13 bankruptcy. However, your consultation with a bankruptcy attorney from our firm will include a discussion of non bankruptcy alternatives available when your debt is relatively small (relative to your income and the future prospect of being able to otherwise pay on your debt).
Although there are no minimum amounts to file for Bankruptcy protection, there is a maximum amount for a Chapter 13 bankruptcy. A Chapter 13 bankruptcy, or an " Adjustment Of Debts Of An Individual With Regular Income," is limited to a debtor who owes less than $307,675.00 of noncontingent, liquidated, unsecured debts and not more than $922,975.00 of noncontingent, liquidated, secured debts.
