Is there a minimum amount that you can file bankruptcy on?

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Is there a minimum amount that you can file bankruptcy on?

Asked on November 20, 2012 under Bankruptcy Law, Indiana

Answers:

M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

Many potential bankruptcy filers wonder whether they need to have a certain minimum amount of debt to file a bankruptcy. The answer is that there is no lower limit to the amount of debt that a consumer must have to file bankruptcy (under either a Chapter 7 or 13). That having been said, common sense dictates that a person should not file for bankruptcy protection if their debt can be negotiated to a manageable repayment amount.

eric redman / Redman Ludwig, P.C.

Answered 8 years ago | Contributor

there is no minimum amount required.  it is a judgment call as to whether bankruptcy is really needed


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