There is no threshold amount that you need to reach to file a bankruptcy. Some chapters of bankruptcy have debt limits such as chapter 13, but there is no such thing as a debt minimum. That being said, you certainly can and should evaluate if filing a bankruptcy makes sense in your current situation.
- Multiple Chapter 13 Bankruptcies – Your second Chapter 13 bankruptcy case cannot be filed until at least two years have passed since the date on which your original Chapter 13 bankruptcy was filed.
- Chapter 7 to Chapter 13 – If a prior Chapter 7 case was discharged, you cannot receive a discharge under a Chapter 13 case until at least four years have passed since the date on which you filed the Chapter 7 (original) case.
- Chapter 13 to Chapter 7 – If a prior Chapter 13 case was discharged, you cannot receive a discharge under a Chapter 7 case until at least six years have passed since the date on which you filed the Chapter 13 (original) case. There are, however, several exceptions which may apply depending on your situation.
