If you are honest, but find yourself facing financial adversity due to an unexpected hardship, you likely qualify to file bankruptcy. Debts that you incurred fraudulently, such as deliberately running up your credit card debt right before your initial consultation, are not dischargeable in bankruptcy. Clients rarely fraudulently incur debt.

There are some other kinds of debt that are not dischargeable in bankruptcy. It makes no sense to file if your debts consist solely of student loans and recently incurred tax debts. Even though those debts are not dischargeable, filing bankruptcy might still make sense if discharging other debts might make it possible to pay the non-dischargeable debts.

What Do You Need To Protect?

If you have income that you’d like to protect from garnishment from creditors, filing bankruptcy would be a good idea. On the other hand, if your income consists solely of Social Security benefits, which creditors cannot reach, filing bankruptcy would not be necessary.

Bankruptcy allows you to keep certain assets. See What Can I Keep After Bankruptcy? If you have no assets, you may not need to file. You can’t hide assets or sell them to a friend for $1. If you have significant assets that are not “exempt,” you may need to consider alternative types of bankruptcy. See Which Bankruptcy is Right for Me?

Can You Follow Instructions?

Bankruptcy requires a lot of disclosure. If you are not prepared to tell us about all of your assets, liabilities, income and expenses, complete a detailed Questionnaire and furnish documents, such as tax returns, loan statements, pay stubs and bank statements, you won’t qualify to become a client of Balbus Law Firm.

In addition, most communication between Balbus Law Firm and clients is via email. If you do not have an email account, you won’t qualify to become a client of Balbus Law Firm.

Are You Ready To Move Forward?

If you are ready to move towards financial freedom, then Balbus Law Firm can help. To discuss whether it makes sense for you to file and, if so, in what chapter, in a free, no-obligation, initial consultation, call 203-286-4121 or e-mail us.

Balbus Law Firm is a debt relief agency. We help people and businesses in New York and Connecticut file for bankruptcy relief under the Bankruptcy Code.