In general, any person or business can file for bankruptcy under Chapter 7. There is no minimum amount of debt required; however, a person who files usually owes considerably more than he or she can repay. Although it often makes sense for a husband and wife to file jointly, one may file without the other.

Only individuals can file under Chapter 13. Businesses must file under Chapter 11 to obtain a reorganization, which is a much more expensive and complicated process. Individuals qualify for a Chapter 13 bankruptcy if they owe less than $1,010,650 in secured debt and $336,900 in unsecured debts.

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