For many average consumers out there, bankruptcy is one thing that your parents and your colleagues tell you to avoid though out your life. When it comes to debt, all solutions should be considered if you are trying to resolve your debt when you are unable to make payments to pay it off. So, is bankruptcy a realistic option for you? In most cases, if you have debt, bankruptcy is always a realistic option. Let’s look at why this may be the case.
You are currently employed. Is bankruptcy a realistic option?
Yes, even if you are employed and receive regular income, you can still file for bankruptcy. Bankruptcy code has limitations to what you can make in income, but those limitations increase depending on how many people you have in your household and also depending on your living expenses. Even if you receive a high salary, there are different types of bankruptcies like Chapter 13 or Non-consumer debt Chapter 7 that you may qualify for. Let an attorney explore your options for you in a free consultation. Internet research can only get you so far if you don’t know what to look for when you are researching bankruptcy options.
You don’t have a huge amount of debt. Is bankruptcy still a realistic option?
Yes, even if your debt amount is not huge, you can still qualify for bankruptcy and discharge your debt. If you have debt that cannot be paid in the future, a bankruptcy can be used to discharge debt. There is no limit to how little debt you have. The bottom line is that you cannot afford to pay for the debt and the debt collection may be detrimental for your future. Bankruptcy is a right given to you by the Federal government to help you improve your situation. It is there to help your situation so that you can continue to be a productive member of society without debt collectors ruining your future.
You own a home. Is it realistic to file bankruptcy without losing your home?
Yes, a bankruptcy is definitely possible without losing your home. Even if you own a home with equity, there is a possibility to file a bankruptcy using homestead exemptions to get your bankruptcy filed and your debts discharged without losing your home. The exemption is dependent on specific factors to your situation like single or joint status or age. Check with your local attorney to see if you are qualified to file without losing your home via free consultation. There should be no risk to exploring a bankruptcy with a free attorney consultation.
Bankruptcy Law Professionals is a Bankruptcy law firm with offices in Santa Ana and Riverside. We offer free consultations with our attorneys at each location. Contact us at 855 257-7671 to schedule your consultation.