Struggling financially not only affects your wallet, but it can have consequences for your mental health. Spending all of your emotional energy worrying about money can mean that you will be less emotionally available for your partner and children, or other loved ones.
Before you file for bankruptcy, there are a few things you should know. Because each case is different, there might be other points for you to think about than these. The dos and don'ts of bankruptcy start before you even file your case.
When you don't have a lot of assets and only a limited income but are drowning in debt, you might decide that you are going to file for bankruptcy. More than likely, you will qualify to file a Chapter 7. This requires that you pass the means test. Once you meet it and take care of the education requirements for filing, you will be able to get your case moving forward.