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Should I File Bankruptcy If I Just Lost My Job?

Posted By Allmand Law Firm, PLLC || 14-Dec-2016

Anyone who has lost their job or experienced a significant change in their income earnings may wonder if bankruptcy is an option to consider, especially if they feel they will be unable to make payments on their obligations. While you may feel you should begin the process right way, you may want to analyze your situation further to make sure it is the best solution for your situation. In some cases, it may be best to wait and file in the future since you have to wait a certain time period before you can file again.

Some debtors wonder if now is the best time to file if job loss or reduction of income is an issue. If you think you may incur more debt in the future it may be best to wait and file. If you file for protection now, any qualifying debts that have been incurred up to this point may be discharged or eliminated. If you file Chapter 7 bankruptcy you may have to wait up to eight years to file again from when you received your discharge.

If you anticipate on incurring new debt soon you may want to wait. There are other issues to consider such as property you want to keep (vehicle or house), if foreclosure is imminent or facing legal action such as a lawsuit. Since situations of this nature may have multiple solutions for you to consider you may want to review your circumstances with a qualified bankruptcy attorney.

If you have questions about bankruptcy and your unique situation, contact Allmand Law Firm, PLLC for a a free financial empowerment session.

Categories: Bankruptcy
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