There is also no “minimum” amount of debt required to file a bankruptcy. How much debt you can carry and hope to pay off is directly related to how much money you earn. I think the best way to see if bankruptcy is a good option for you is to compare how long it would take you to pay off your debt with how long it would take you to restore your credit after a bankruptcy. Generally, though a bankruptcy can be reported by the credit bureaus for up to 10 years, a person can achieve a credit score that allows for decent financing rates within one to two years of their discharge from a Chapter 7 bankruptcy, provided all the debts that survived and post-dated their bankruptcy are paid on time. If it will take a longer time to pay off your debts in full, and you don’t see your income changing too much in the future, then bankruptcy is an option to consider.