Is there a minimum amount of debt to go bankrupt?
The minimum amount of debt required for a person to become bankrupt has been set by the Act at $1,000.00. However, it goes without saying that a person with only $1,000.00 in debt should not go into bankruptcy. In addition to this minimum debt, there is the fact that the person is insolvent, i.e. unable to meet the payments of his debts as they come due, or that the total of his debts is greater than the value of his property.
Can creditors garnish my salary if I go bankrupt?
Can I get out of debt without losing my home or vehicle?
Do I have to go bankrupt if my spouse goes bankrupt?
How much does a personal bankruptcy cost?
What protections does personal bankruptcy offer?
Which debts are affected by a personal bankruptcy?