There is no minimum you must owe to qualify for Chapter 7 bankruptcy. The two main questions you nee to ask yourself are:
1. Can I pay off my debts in a reasonable amount of time?
2. Does the cost of filing make sense for the amount of debt that I have?
If you can pay your debts off in a reasonable amount of time, then it does not make sense to file a bankruptcy. Bankruptcy is a wonderful tool when someone needs the debt relief but isn’t good if he or she has the means to pay the debts back.
The other piece to the puzzle is whether the cost of attorney’s fees and filing fees exceed the amount of debt you have. This might seem silly to state it so plainly, but if your debts are less than it would cost to file a bankruptcy, then it doesn’t make sense to file.