No. You don't even have to be insolvent. Many times, people are able to continue to pay their financial obligations but the amount that they pay has placed a severe burden on them. They have barely enough money left over at the end of each month for necessities. The choice to file is a personal one that should be made after you have considered certain things such as if you earn enough to pay your debt; how much you owe; if bankruptcy will get rid of the type of debt you owe; if you are you facing any type of collection activity such as a lawsuit or wage garnishment and how long it would take you to pay off your debt.