Filing for bankruptcy is a big financial decision. It is typically people who are overwhelmed by their unsecured debt and can’t possibly repay it who file for bankruptcy in their financial distress, as bankruptcy filing can offer a lifeline to people drowning in debt. Unfortunately, not all debtors qualify for bankruptcy protection.
Before you gather the paperwork or consult with an attorney or law firm, take a look at your financial situation and credit card debt because your financial situation could disqualify you from this debt-relief option.
Think of the bankruptcy process like applying for a new job: your financial history, recent actions, and current situation determine whether you are eligible to file for bankruptcy. Just as a job application requires honesty and proper documentation, bankruptcy demands transparency and sticking to specific rules to help you make a fresh financial start.
Here is a breakdown of what can disqualify you from a bankruptcy petition.
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