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Will Anything Disqualify Me from Being Able to Declare Bankruptcy?

Generally, if you complete the credit counseling requirements, submit all of the necessary paperwork, and can satisfy the means test, you will be able to file for Chapter 7 bankruptcy. However, there are limitations on filing and bankruptcy courts have discretion in discharging debts. Here are some of the issues that will disqualify you from declaring Chapter 7 bankruptcy:

Previous Filings

If you have successfully discharged debts with a Chapter 7 bankruptcy in the last seven years, you will not be eligible to file. If you have had a Chapter 7 application dismissed within 180 days prior to your current filing date, you will also be ineligible.

Fraud

Bankruptcy courts take fraud seriously because it is viewed as an egregious abuse of the system. If you have defrauded creditors, you will not be eligible to declare bankruptcy. You will also not be allowed to successfully file for bankruptcy if you have submitted to the bankruptcy court.

Red Flags

There are certain “red flag” activities that will limit your ability to file for bankruptcy. The following are viewed as a potential abuse of the bankruptcy process: spending excessively knowing that you cannot pay off your debts right before filing, lying in a divorce proceeding about your finances, lying on income tax returns, and concealing assets from the court by distributing them to friends or family.

Do you have more questions about whether you qualify for bankruptcy? The bankruptcy attorneys at Cutler & Associates, Ltd. have been successfully helping Chicagoland area residents resolve their debt issues since 1990. We understand the complexities of bankruptcy law because it is the focus of our practice. We can explain the bankruptcy process and the types of bankruptcy that are available to you. Call us at (847) 849-1834 to talk to a bankruptcy lawyer today, or visit us on the Web for more information about our legal services.

More from Cutler & Associates, Ltd.: Cutler & Associates, Bankruptcy Attorneys, File for Bankruptcy, Chapter 7 Bankruptcy, Qualify for Bankruptcy

Categories: Bankruptcy Blog

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