Let's say you are a North Texas surgeon who makes 250,000 dollars a year and have a debt on your credit cards of 40,000 dollars, you probably don't need to file for bankruptcy. If, on the other hand, you're an elderly Texan person on a fixed income, with a credit card debt of 10,000 dollars, the possibility of filing is much more likely to be on your mind. In both cases the success of filing depends not on the amount you owe but on your ability to pay off the debt.
There is no legal minimum debt one must owe to file for bankruptcy in either a Chapter 7 or Chapter 13. Instead, the success of filing depends on your unique circumstances. If you have enough money to pay off your debts, a Chapter 13 may be the best way for you to go. If not, then Chapter 7 is the preferred method. This is determined by what the law calls a "means test." In Texas, these medians differ for a single individual, a family of two, and so forth. If you make under a certain median, you are eligible to file for a Chapter 7 however you may still file a Chapter 13 under certain stipulations.
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A local bankruptcy lawyer is the best person to ask for determining whether you should embark on the arduous task of filing for bankruptcy. They can help you figure out how likely it is that you'll succeed in forgoing your debts and which debts to include in a filing application. They can guide you and take you step-by-step through the process, from the court fees to the court hearings. More importantly, though, they can discuss with you the initial decision of whether to seek bankruptcy. It's not a choice to be made lightly.
If you're wondering what the minimum standard for filing bankruptcy is, you may not be so in debt that you can't work your way out of it without going the legal route. There are a number of ways to do this. Review your expenses and look for ways to cut back on them. You can even get a second job. For example, an additional part time job can bring in over a thousand dollars a month, even if you're just delivering pizzas in the evening. That can go a long way to absolving you from the debt, especially if you negotiate with your creditors. Informing them that you're considering filing for bankruptcy might mean that they will most likely be willing to accept a smaller portion of the debt than the total if it means avoiding not collecting on any of it.
In sum: there are no minimum debt requirements for bankruptcy, but that doesn't mean you should jump in. Think over it carefully, consult a bankruptcy lawyer, and consider every alternative.
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