 TITLE: What Are the Requirements for Bankruptcy? CONTENT: Why Do People File for Bankruptcy?\n----------------------------------\nNo one's financial circumstances are exactly the same when it comes to bankruptcy. But many bankruptcy filers head to court for similar reasons. Here are the three most common reasons for bankruptcy filings, according to the American Bankruptcy Institute:\n1.  Job loss: The loss of a job can cause tremendous financial troubles, such as falling behind on your mortgage payments, auto loan payments and other debts.\n2.  Medical costs: A health care issue like a catastrophic illness or injury can leave you grappling with medical debt.\n3.  Divorce: Ending a marriage can heap debt on one spouse or both spouses. The change in financial situation can make it even harder to pay off these debts. END