People often ask me if they have enough debt to qualify for bankruptcy. This is not really the correct question because there is no set amount of debt you must owe before you CAN file for bankruptcy. The main qualifying factors are based on your income and how long it has been since you had a previous bankruptcy. In reality, most people qualify for Chapter 7,and for those who don't, Chapter 13 is still available.
However, your amount of debt is a factor in deciding whether or not you SHOULD file bankruptcy. Just because you qualify, doesn't meant that bankruptcy is your best option. Sometimes there are better solutions available. I never tell people whether they should file for bankruptcy even when they ask. I explain what options are available and the likely outcomes of each option, and people make their own decisions. Bankruptcy is often the best option for people but not always. That's why I offer free consultations for all people interested in learning more about bankruptcy and other options. You shouldn't have to pay just to find out if bankruptcy is a good option for you.