Unsecured Debt Limit

• Unsecured debt refers to money you owe that is not secured by any specific collateral. Debt such as credit card debt or general personal loans fall into this category. Under Chapter 7, you can have any amount of unsecured debt and still file. If you are forced into a Chapter 13 bankruptcy, your unsecured debt limit would be $336,900 according to NOLO.
  
  

Secured Debt Limit

• Secured debt is debt collateralized by specific property, such as a car, electronics, home furnishings or a house. As with unsecured debt, there are no secured debt limits in a Chapter 7 bankruptcy. According to NOLO, if you must file a Chapter 13 bankruptcy, your secured debt limit will be $1,010,650.
  
  

Annual Limit

• In order to qualify to file Chapter 7 bankruptcy, your income must be below your state's median income for a family of your size. If your income is over the median, your case may be dismissed or you may be forced into filing a Chapter 13 petition instead.
  
  

Disposable Income Limit

• In addition to the median income test, your Chapter 7 petition may be dismissed if you show a large amount of monthly disposable income. If you can still afford to make payments to your creditors in a Chapter 13 bankruptcy plan, the court may find your Chapter 7 abusive and may dismiss it.
  
  

Asset Limit

• While there are no debt limits to a Chapter 7 bankruptcy, you may have to surrender any valuable assets you have. Each state provides debtors with a list of exemptions that they can use to protect property. Anything worth more than the exemption level must be surrendered to the court for liquidation. Any money raised from non-exempt assets will go to pay your creditors.