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Story summary
- Bankruptcy filings in the United States rose 16.2% from 2023 to 2024, driven by rising costs.
- Key disqualifiers include failing the means test, recent bankruptcy discharges, and not completing mandatory credit counseling.
- Fraudulent actions, such as concealing assets or large luxury purchases before filing, can cause disqualification.
- If disqualified, individuals should pursue alternative debt relief strategies and consult a bankruptcy attorney.
