One of the most common questions people ask themselves and experienced Troy, Ohio bankruptcy attorneys when considering filing for bankruptcy is whether they should file, or if they should consider other alternatives. This is a difficult question that really has no set answer. Determining whether bankruptcy is right for you depends on many things, so it’s extremely important that you’re properly informed about bankruptcy. You’ll want to know if you are even eligible to file for bankruptcy, and if so, what types. We’ll explain.
Eligibility and Types
As an individual filer, there are two different types of bankruptcy you may be eligible for: Chapter 7 and Chapter 13. Determining eligibility depends on a few different factors based on your income. If you file for Chapter 7 bankruptcy, your income must be limited and unreliable. If you have a steady job with a consistent income stream, you’ll most likely qualify for Chapter 13 bankruptcy.
Determining Bankruptcy Benefits
Even though there are many misconceptions about bankruptcy, filing for bankruptcy can mean a financially stable future. One of the biggest advantages of bankruptcy is allowing you to eliminate, reduce, or restructure your debt. And, it’s important to note that filing for bankruptcy does not mean you’ll lose everything, it is just a way to help you get through a difficult financial time.
Retain an Experienced Attorney
There are a number of reasons why you have found yourself in financial difficulties, including medical issues and an unexpected job loss. Once you have come to terms with the fact that it’s okay to ask for help, contact us for professional and experienced bankruptcy representation.