A COMPASSIONATE & COMPETENT ATTORNEY WORKING FOR YOU FREE CASE EVALUATION

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One important question to ask when you’re financially cleaning up after a failed business: can the business file bankruptcy without you?

The bankruptcy process makes much more sense if you know the players in the process and what they do.

Once you’ve decided you need bankruptcy relief the next question is: “Can I keep everything I own under Chapter 7 or do I need Chapter 13?”

If you qualify for both, first find out whether and how much you’d be helped by Chapter 13, then decide whether Chapter 7 is enough.

Chapter 13 takes years instead of months, and costs more, so you do a Chapter 7 when you can and a Chapter 13 when you must, right?

The most important early source on the Constitution explained the purpose of having bankruptcy in the Constitution.

You can have only certain maximum amounts of secured and unsecured debts in order to qualify for Chapter 13, but most people have much less.

The amount of your income can qualify you for Chapter 7 if it’s not too high, and if too high there still may be ways to qualify.

Chapter 7 “straight bankruptcy” can give some relief with income tax debt, but Chapter 13 can give so much more.

Here’s how bankruptcy can help if you were already on the financial edge and just found out you owe (more) income taxes.