No, there is no minimum amount of debt set by law that you have to have before you can file for a bankruptcy. Some people file for bankruptcy with only a small amount of debt or a small number of creditors. The question that you should be asking instead is whether or not it makes sense for you to file for bankruptcy, given your own personal circumstances. The answer will be different for everyone and there is no set formula. The best way to determine whether or not you would benefit by a bankruptcy is to sit down with an experienced bankruptcy lawyer. Contact O'Connor Cadiz Law to schedule a no obligation honest consultation with a Chicago area bankruptcy lawyer in Schaumburg or Itasca.