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12 Reasons Why People Can’t File Bankruptcy

12 Reasons Why People Can’t File A Chapter 7 Bankruptcy Petition

  1. Filed Chapter 7 within the last 8 years.
  2. Income is higher than expenses—totality of the circumstances test.
  3. Income is above the national average for the ‘means test’ and it can’t be rebutted.
  4. Assets aren’t exempt.
  5. Not enough debt to justify using bankruptcy or not enough dischargeable debts.
  6. Preference payments.
  7. Fraudulent conveyances.
  8. Psychological reasons—feeling of embarrassment, feeling defeated, loss of pride and self-respect.
  9. Religious and moral reasons—believes bankruptcy is immoral and dirty.
  10. Philosophical reasons—rugged individualism.
  11. Traumatized from childhood with parents filing for bankruptcy.
  12. Fearful of consequences of filing and can’t believe or trust anyone who says to the contrary. In denial.


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