Whether or not it's hard to get approved for Chapter 7 bankruptcy depends heavily on your financial situation. Getty Images/iStockphoto

When the financial troubles pile up faster than you can manage them, as they are for many borrowers in today's high-rate, inflationary environment, filing for bankruptcy can feel like the only way out. There are several types of bankruptcy you can pursue, but Chapter 7 bankruptcy , often called liquidation bankruptcy, is the bankruptcy option that offers to wipe out most unsecured debts in just a few months. And, it sounds straightforward enough, at least on the surface: File the paperwork, attend a hearing and emerge debt-free on the other side . But there's a catch that can stop you before even begin: qualifying for it.

While you may be

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