So, to our first question, "Who can file for Bankruptcy?" The answer - practically anyone can. So long as a person has debt and a social security number (which is not needed if the filing party is a corporate body of some sort), then that person can file for bankruptcy. Now, that doesn't mean that Chapter 7 (liquidation), and Chapters 13 and 11 (reorganization) don't have limits and qualifications, but Bankruptcy is always an option, though not always the best one to choose.
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| If you go in the right direction, there IS light at the end of the tunnel! |
To our last question then, "How do I know if Bankruptcy is right for me?" As a general rule, if a person's unsecured debt (credit card, medical bills, etc.) equal or exceed their annual income, it is probably time to talk. When you are looking at that sort of debt/income ratio, digging your way out could take decades without a fundamental change to income and expenses. However, often times our clients are forced to consider Bankruptcy, after their creditors start to severely impact their lives. Many people cannot afford to have their wages garnished, or their bank accounts levied. Others simply want the phone calls and the stress to stop. It is fairly typical to meet many of our clients after they've been sued, their homes are being foreclosed, or they are just flat out of money.
If you are trying to figure out what options are available to you, you can't afford wage garnishment/bank levies, or you just can't take the creditor calls anymore, then let's talk. We can set you on the path to financial recovery. As always, there is no charge for a Bankruptcy consultation.
