{"id":66421,"date":"2026-02-20T18:32:16","date_gmt":"2026-02-20T18:32:16","guid":{"rendered":"https:\/\/site.itshrt.com\/worldnews\/what-qualifies-you-for-bankruptcy\/"},"modified":"2026-02-20T18:32:16","modified_gmt":"2026-02-20T18:32:16","slug":"what-qualifies-you-for-bankruptcy","status":"publish","type":"post","link":"https:\/\/site.itshrt.com\/worldnews\/what-qualifies-you-for-bankruptcy\/","title":{"rendered":"What qualifies you for bankruptcy?"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<\/p>\n<div id=\"\">\n<figure class=\"embed embed--type-image is-image embed--float-none embed--size-medium\">\n<p>      <span class=\"img embed__content\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/assets3.cbsnewsstatic.com\/hub\/i\/r\/2026\/02\/20\/07306004-e05e-4fb3-b8d4-073c26e5080a\/thumbnail\/620x414\/df2ee3e89161e7812f4febb5b619d8b9\/gettyimages-1371259299.jpg#\" alt=\"Piggy bank and hand with hammer about to smash to get at savings \" height=\"414\" width=\"620\" class=\" lazyload\" srcset=\"https:\/\/assets3.cbsnewsstatic.com\/hub\/i\/r\/2026\/02\/20\/07306004-e05e-4fb3-b8d4-073c26e5080a\/thumbnail\/620x414\/df2ee3e89161e7812f4febb5b619d8b9\/gettyimages-1371259299.jpg 1x, https:\/\/assets2.cbsnewsstatic.com\/hub\/i\/r\/2026\/02\/20\/07306004-e05e-4fb3-b8d4-073c26e5080a\/thumbnail\/1240x828\/b08631c5d6a176f2cd3e49614fe317d8\/gettyimages-1371259299.jpg 2x\" loading=\"lazy\"\/><\/span><figcaption class=\"embed__caption-container\">\n<p>                  <span class=\"embed__caption\">Bankruptcy can provide serious relief from your financial issues, but you&#8217;ll need to qualify first.<\/span><\/p>\n<p>                  <span class=\"embed__credit\"><\/p>\n<p>                BrianAJackson\/Getty Images<\/p>\n<p>                          <\/span><br \/>\n              <\/figcaption><\/figure>\n<p>When money stress starts to seep into everyday life, it rarely appears all at once. It typically creeps in through small compromises instead, like putting groceries on a credit card you meant to pay off, <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/worried-about-missing-credit-card-payments-things-to-do-now\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">skipping a monthly card payment<\/a><\/span> or telling yourself that once one big expense is gone, everything will finally balance out. That logic can feel reasonable for a while \u2014 but if you let the issue continue for too long, the balances won&#8217;t shrink, <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/how-are-credit-card-minimum-payments-calculated\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">the minimum payments<\/a><\/span> will rise and the math will stop working in your favor.<\/p>\n<p>And, if you&#8217;ve found yourself in that pattern lately, that pressure is probably getting harder to ignore. With <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/why-credit-card-rates-are-so-high-now-what-to-do-about-it\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">credit card interest rates<\/a><\/span> still elevated and everyday costs refusing to come back down after years of high inflation, more people are finding that the gap between what they earn and what they owe keeps widening. Even borrowers who&#8217;ve never <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/what-happens-if-i-dont-make-my-credit-card-payments\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">missed a payment<\/a><\/span> before are discovering that staying current on their debt payments doesn&#8217;t always mean staying afloat.<\/p>\n<p>That&#8217;s typically when the idea of <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/how-much-debt-is-worth-filing-for-bankruptcy\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">filing for bankruptcy<\/a><\/span> starts to pop up. It can sound like a last resort, but before you rule it out (or jump into it), it helps to understand what actually qualifies someone to file \u2014 and what alternatives might make more sense.<\/p>\n<p><a href=\"https:\/\/secure.money.com\/pr\/a68c45e313e3?s1=https%3A%2F%2Fwww.cbsnews.com%2Fnews%2Fwhat-qualifies-you-for-bankruptcy\" target=\"_blank\" rel=\"nofollow, sponsored, noopener\">Start comparing your best debt relief options online now<\/a>.<\/p>\n<h2><strong>What qualifies you for bankruptcy?<\/strong><\/h2>\n<p>Qualifying for bankruptcy generally doesn&#8217;t come down to meeting a specific debt threshold. Rather, it depends on whether your financial situation meets the legal standards for the type of bankruptcy you&#8217;re considering. For most individuals, the decision comes down to <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/chapter-7-vs-chapter-13-bankruptcy-which-is-better-for-credit-card-debt\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">Chapter 7 or Chapter 13 bankruptcy<\/a><\/span>.\u00a0<\/p>\n<p>Chapter 7, which is sometimes called liquidation bankruptcy, is the faster of the two. This type of bankruptcy is designed to <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/which-type-of-bankruptcy-clears-all-debt\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">wipe out certain unsecured debts<\/a><\/span>, like credit cards and medical bills. To qualify, you generally need to pass a means test, which compares your household income to the median income in your state. If your income is below that threshold, you&#8217;re more likely to qualify. If it&#8217;s above, you may still qualify after accounting for allowable expenses, but it gets more complicated.<\/p>\n<p>Beyond income, the court also looks at whether you have non-exempt <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/what-assets-do-you-lose-in-chapter-7\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">assets that could be sold<\/a><\/span> to repay creditors. Many everyday assets are protected, but having significant equity in a home, expensive vehicles or large cash balances can play a role in whether Chapter 7 is a good fit.<\/p>\n<p><span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/does-a-chapter-13-bankruptcy-take-all-of-your-income\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">Chapter 13 bankruptcy<\/a><\/span> works differently. Rather than discharging debt outright, it lets you reorganize what you owe into <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/what-is-a-typical-chapter-13-bankruptcy-payment-plan\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">a three- to five-year repayment plan<\/a><\/span>. This option is often used by people who have a steady income but have fallen behind on secured debts like a mortgage. To qualify, your secured and unsecured debts each need to fall below specific thresholds, which the courts adjust periodically.<\/p>\n<p>Both types require you to complete credit counseling from an approved agency within 180 days of filing, and you&#8217;ll need to submit detailed documentation of your income, expenses, debts and assets. If you&#8217;ve filed for bankruptcy before, <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/what-is-the-2-4-6-8-rule-in-bankruptcy\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">there are also waiting periods<\/a><\/span> that determine when you can file again.<\/p>\n<p>Courts also look at whether you&#8217;re facing genuine financial hardship rather than trying to use bankruptcy as a strategic move. Job loss, medical issues, divorce or long-term income shortfalls are common qualifying circumstances. Timing matters, too. Recent luxury purchases, large cash advances or previous bankruptcies can <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/what-disqualifies-you-from-filing-for-bankruptcy\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">disqualify you or delay your eligibility<\/a><\/span>.<\/p>\n<p><a href=\"https:\/\/secure.money.com\/pr\/a68c45e313e3?s1=https%3A%2F%2Fwww.cbsnews.com%2Fnews%2Fwhat-qualifies-you-for-bankruptcy\" target=\"_blank\" rel=\"nofollow, sponsored, noopener\">Learn what debt relief strategies could help you avoid bankruptcy<\/a>.<\/p>\n<h2><strong>What debt relief options make sense as alternatives to bankruptcy?<\/strong><\/h2>\n<p>If bankruptcy feels too drastic \u2014 or if you don&#8217;t qualify for the type of filing you hoped would work \u2014 there are <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/important-debt-relief-options-to-know\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">debt relief options<\/a><\/span> that can offer real relief without going to court, including the following:<\/p>\n<p><strong>Debt settlement: <\/strong><span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/important-facts-to-know-about-debt-settlement-according-to-experts\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">Debt settlement<\/a><\/span> is often positioned as the closest alternative to bankruptcy for people with large amounts of unsecured debt, like credit cards or personal loans. These programs work by <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/how-to-negotiate-with-your-credit-card-company\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">negotiating with your creditors<\/a><\/span> to agree on settlements that are lower than the full balance owed. While the outcomes can vary, many borrowers <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/what-is-the-lowest-amount-debt-collectors-will-settle-for-what-experts-say\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">reduce their balances by 30% to 50%<\/a><\/span> in return for a lump-sum payment.<\/p>\n<p><strong>Debt management<\/strong>: If your balances are manageable but the interest rates are what&#8217;s killing your budget, enrolling in <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/what-is-a-debt-management-program\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">a debt management plan<\/a><\/span> through a nonprofit credit counseling agency may help. These plans roll multiple monthly debt payments into one and often come with <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/ways-to-lower-your-credit-card-interest-rates-right-now\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">reduced interest rates<\/a><\/span> and waived fees.<\/p>\n<p><strong>Hardship programs and temporary relief<\/strong>: Some lenders offer <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/credit-card-hardship-programs-what-to-know-about-this-debt-relief-option\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">short-term hardship programs<\/a><\/span> that can reduce interest rates, waive fees or allow temporary payment pauses. These aren&#8217;t long-term fixes, but they can help stabilize your finances if you&#8217;re dealing with a temporary setback like a job change or medical issue.<\/p>\n<p><strong>Negotiating directly with creditors<\/strong>: In some cases, you can negotiate payment plans or settlements on your own. This can save you money on the fees charged by <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/best-debt-relief-companies-plus-advice-borrowers-need-to-know-now\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">a debt relief company<\/a><\/span>, but it requires time and persistence to navigate the creditor conversations successfully. That&#8217;s why many people turn to debt relief companies. They handle these negotiations and structure the process for you, which can be especially helpful when <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/juggling-multiple-maxed-out-credit-cards-do-these-things-now\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">juggling multiple creditors<\/a><\/span> at once.<\/p>\n<h2><strong>The bottom line<\/strong><\/h2>\n<p>Qualifying for bankruptcy isn&#8217;t really about how bad your debt looks on paper. It&#8217;s about whether your income, assets and financial hardship line up with what the law allows for each type of filing. For some, qualifying for bankruptcy is simple and the process offers a clean reset when the numbers truly don&#8217;t work anymore. For others, alternatives like debt relief, structured repayment plans, or creditor negotiations are a better fit and can provide meaningful relief without the legal and long-term credit consequences of filing.<\/p>\n<section class=\"content__body--footer\">\n<p class=\"content__meta--editors\">\n      Edited by<\/p>\n<p>                                  <a href=\"https:\/\/www.cbsnews.com\/team\/matt-richardson\/\" class=\"byline__author__link\" data-invalid-url-rewritten-http=\"\">Matt  Richardson<\/a>\n                      <\/p>\n<\/section>\n<section class=\"content__body--footer\">\n      <!-- tags --><br \/>\n    <\/section>\n<\/p><\/div>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/www.cbsnews.com\/news\/what-qualifies-you-for-bankruptcy\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bankruptcy can provide serious relief from your financial issues, but you&#8217;ll need to qualify first. BrianAJackson\/Getty Images When money stress<\/p>\n","protected":false},"author":1,"featured_media":66422,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[32],"tags":[],"class_list":["post-66421","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-stories"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What qualifies you for bankruptcy? - World News<\/title>\n<meta name=\"description\" content=\"Bankruptcy can offer a financial fresh start, but not everyone qualifies. 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