There is no minimum amount of debt required in order to file bankruptcy. The decision to file is usually based upon whether a person qualifies for a given chapter of bankruptcy and whether they want to. In determining whether a person wants to, important factors include the level of stress felt under the burden of the debts, whether they can afford necessities and pay debts, the likelihood that the person can pay off or settle their debts in the not-too-distant future, their debt to income ratio, and many other reasons. An attorney can help you consider these factors and offer advice.