Can I File Bankruptcy?

If you have reached the point at which you are working hard to pay your bills yet continue to fall farther and farther behind each month it may be time to consider filing for bankruptcy protection. You may, therefore, be asking yourself “ Can I file bankruptcy? ” The simple answer to that is that “yes”, in all likelihood you can file for bankruptcy protection. Whether or not it is in your best interest to do so is a decision that can only be made after consultation with an experienced Kentucky bankruptcy attorney.

Bankruptcy protection is available to individuals and businesses that find themselves unable to pay their creditors for reasons beyond their control. Due in large part to the recent recession the country endured, bankruptcy filings in the United States hit record highs in recent years. While there are some situations that will legally prevent you from filing bankruptcy, such as having a discharged bankruptcy within the last few years, in most cases you can file for bankruptcy. The issue then is whether you should, and if so, which chapter is best for you.

When deciding if bankruptcy is right for you it is crucial that you take a long hard look at your debts and your income situation. If your financial troubles are short-term, bankruptcy may not be the best solution. For example, if you suffered a short lay-off from work or you had a medical emergency that prevented you from working for a period of time, your financial problems could be short-lived. Although you may have gotten behind on payments, your creditors may be willing to work with you to avoid the need for bankruptcy.

On the other hand, if your financial troubles have been going on for some time, and you see no relief in sight, bankruptcy may be the best route for you. A lengthy period of unemployment or catastrophic medical bills without an increase in income to cover them could point to the need for a long-term solution such as bankruptcy. In addition, if you are being threatened with foreclosure or your wages are being garnished, bankruptcy may be the only viable solution.

As an individual, you will likely file a chapter 7 or a chapter 13 bankruptcy. The type of debts and assets you have as well as your income level will determine which chapter is best for you. Regardless of which chapter you choose to pursue. Filing bankruptcy will provide you with relief from creditors and a fresh start for your financial future.

To learn more about bankruptcy, contact an experienced Kentucky bankruptcy attorney as soon as possible.