Bankruptcy and Life Changing Events

24 Jan Bankruptcy and Life Changing Events

Bankruptcy is often accompanied by other life changing events. These can be anything from the loss of a job or business to a divorce. Sometimes you are warned as to what is going to happen and sometimes you don’t. When you do know what’s going on, the timing of filing for bankruptcy can be critical.

Here are a half dozen of these events, often accompanied by filing bankruptcy:

1. Divorce;

2. Loss of a Business;

3. Foreclosure of your home;

4. Being sued;

5. Emergency medical treatment;

6. Death of a family member.

For each of the above, the timing of when (or if) you file bankruptcy depends on you. And in each case it might be better to file early in the process or to wait until later. The decision can be quite tricky but critical as to what kind of bankruptcy you file, what debts are discharged and even whether you should file at all or look for an alternative to resolving the debts.

If you are faced with any of these situations (or a similar crisis) in your life, seek the help of a competent bankruptcy attorney. Their training and knowledge can guide you to make the appropriate decisions for your situation.

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Douglas Jacobs is a California bankruptcy attorney and partner in the Chico law firm of Jacobs, Anderson, Potter & Chaplin. Since 1988, Mr. Jacobs has taught Constitutional law and Debtor-Creditor/Bankruptcy law at the Cal Northern School of Law. He has served as Dean of Students since 1994. He is a frequent lecturer on the subject of consumer bankruptcy law, and has spoken at both state and national levels.

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