When does Chapter 7 make the most sense for me?

When does Chapter 7 make the most sense for me?  Here are 10 good reasons.

  1. When I can’t pay my bills on time.
  2. When I owe more this month than I did last month?
  3. When I am unemployed or when I get less money than I need each month to pay my bills.
  4. When I don’t own a house; or if I do own a house my equity is less than I am allowed to exempt.
  5. When I don’t own a car; or if I do own a car my equity is less than I am allowed to exempt AND I am current on my car loan.

* If you don’t know what equity or exempt means you better call a bankruptcy lawyer.

  1. When I have medical bills.
  2. When I have credit card balances.
  3. When I have short term or high interest pay day loans.
  4. When I don’t have a debt owed to my spouse, former spouse, or child in connection with a divorce or separation, that is not a Domestic Support Obligation. * If you don’t know what counts as a Domestic Support Obligation you better call a bankruptcy lawyer.
  5. When no one will loan me any more money and I can’t dig out from my debt problems by myself, I should get help.

It is relatively easy to file bankruptcy but bankruptcy laws are designed to cover many different situations from simple common everyday garden variety debts to complicated business transactions.  Consequently, the laws can be confusing.  Bankruptcy lawyers are trained to identify issues and propose solutions to your debt problems.