When Can You Not File For Bankruptcy?
A person cannot file for personal bankruptcy in the following situations:
- A person is not insolvent. Insolvency means that your total debts owing exceed the value of your assets.
- You have not been discharged from a previous bankruptcy.
If these situations do not apply, you can file for person bankruptcy if that situation is best for you.
There are some situations that should be considered before filing for bankruptcy, however. For example, lawyers are unable to operate trust accounts while they are undischarged from bankruptcy. If you are a lawyer, you will want to take this into consideration before filing for personal bankruptcy. In addition, a person cannot act as a director of a corporation while he or she is an undischarged bankrupt.
If you have any questions regarding how your career or professional life could be impacted by filing for bankruptcy, you should speak with your trustee.
What Does It Mean To Be Discharged From Bankruptcy?
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