There is no minimum amount of debt you must have in order to file bankruptcy. Sometimes, people with relatively small debt (even less than $5,000) can benefit from a bankruptcy, especially if their wages or bank accounts are being garnished. A wage garnishment would take 25% or more of your after tax income, and many people cannot afford to live on less than 75% of their income. In that case, stopping the garnishment is just as important as getting rid of the debt. Each situation is different. In each situation, bankruptcy should be weighed against all options to determine which provides the most benefit.