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Is Bankruptcy for
Me?
If you are deeply in debt and you
have no alternative, bankruptcy can wipe out your debts and give you a
fresh start and new hope for the future. However, it is not for
everyone and it does serious damage to your credit rating. The
damage lasts for many years. You must weigh your need for a fresh start against
that damage.
If you can pay off your credit cards or
other unsecured debts in less than five years, do it - and don't go
bankrupt.
If your only income is from Social
Security or a pension, or if you have only part-time employment and you
don't own real estate, you are judgment-proof. That means that
nobody can take anything from you. If you are judgment-proof,
you may not need to go bankrupt. We have a special service for the
judgment-proof debtor.
If you cannot get out of debt, and if you
have income that can be garnished or a house that can be taken, then
bankruptcy alone will give you the protection, fresh start and new hope
for the future that you need.
There are four kinds of bankruptcies.
Chapter 7 and Chapter 13 are for consumers. Chapter 11 is for
corporations, and Chapter 12 is for farmers. I do all four. |
