One who owes debts of any amount whatever may be a voluntary bankrupt.
There is no limitation in the law as to amount of indebtedness which a voluntary bankrupt must owe.72
Involuntary bankruptcy proceedings require that the bankrupt owe $1000 or over.
A debtor cannot be made a bankrupt unless his indebtedness is $1000 or over. The petitioning creditors must have claims aggregating $500 and this sometimes confuses one into the belief that that is the amount which the bankrupt must owe. But he must owe $1000.73
71. In re Berthoud, (D. C. N. Y.) 231 Fed. 529.
72. Bankr. Act, 1898, SEC. 4a.
73. Id., SEC. 4b.