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There is no minimum amount of debt to qualify for bankruptcy. However, certain debt limits apply to Chapter 13 bankruptcy. The maximum amount changes periodically, but is $2,750,000 now. It is also important to keep in mind that there are limits on how many times you can discharge your debts in bankruptcy. If your debt amount is relatively low, it may be a good idea to consider alternatives to bankruptcy now so that filing for bankruptcy remains an option for you in the future.

Medical debt is one of the primary causes of bankruptcy for individuals. Medical bills are usually a form of unsecured debt that is dischargeable through bankruptcy.

Not necessarily, there are different options available to keep your vehicle when filing for bankruptcy. First you can keep the car and continue to pay the same amount monthly. In some instances you can keep the car and reduce your monthly payment. Depending on what chapter of bankruptcy you qualify for will determine how your vehicle is handled. If your vehicle is paid off it will depend on the chapter of bankruptcy you file for. When you file you must disclose everything you own, the values and any liens that may be associated with the item. If there is equity in an item, such as your car, your attorney will see what exemptions are available to you to protect that item.

No. You should never make big changes before filing for bankruptcy unless advised by an attorney. There is no purpose in taking out money from a bank account, even money held as cash is required to be reported to the court in your paperwork. Keeping funds in a bank account makes it easier for your attorney to manage your case. Similarly, you should not give away personal property to relatives and friends in an effort to protect this property from creditors.

No, you cannot pick and choose what debts you want to include in your bankruptcy. You must list all debts and everyone you owe money to, even friends and family. All unsecured debts such as credit cards, will be discharged. Secured debt, such as a car loan or mortgage, you will have an opportunity to elect to keep with the same or similar payment arrangements as you had prior to filing. It is also likely that credit cards on which you owe nothing will be cancelled.