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No, there is not a certain amount of debt necessary for you to qualify for bankruptcy. Your unique situation and amount of debt will certainly dictate whether you should go bankrupt or whether a certain chapter of bankruptcy is better than another. But there is no minimum amount of debt to qualify for bankruptcy.

While there is no age qualification in the bankruptcy code, there may be issues with a minor filing bankruptcy based on the fact that children often lack legal capacity enter into contracts. Along those same lines, children may be able to void contracts and debts. In such a situation, you should consult an attorney.

It depends on the type of debts you have. There are categories of debts that are non-dischargeable. Generally, credit card debts, medical debts, pay day loans, and other unsecured debts are dischargeable. But there are instances where even these debts are non-dischargeable, for example when they were fraudulently obtained. Nevertheless, bankruptcy may be able to eliminate most if not all of your debts, but you need to consult with an attorney to determine which debts may be eliminated.

This will depend on the type of bankruptcy you file and whether your business is involved. If you are the owner of a small business, your business will be involved in the bankruptcy. Determining to what extent will depend on your circumstances and an attorney should be consulted to determine what is your best steps moving forward.

Generally, no, Student loans can be discharged under specific circumstances, but it is rare. There are options for repayment that may help you manage this debt, especially if they are government loans. Regardless, it is best to speak with an attorney to determine what strategy you should take.