Bankruptcy can be a great option for many individuals, but what if you are self employed? Is bankruptcy a possibility in this case? The answer is yes but most self employed individuals do not realize that this step is actually an option. Filing for bankruptcy means providing documentation about several aspects of your finances. If you have a job and receive a regular paycheck then your check stubs or W-2 forms can be used to document your income. If you are self employed this documentation may not be so simple though.
Self employed individuals are far more likely to incur large amounts of debt while trying to build up a business. Many times this debt is overwhelming, and if the business is not successful bankruptcy may be the only logical solution. Instead of wage reports and W-2 forms the self employed individual can usually use bank account statements, 1099 MISC forms for independent contractors, tax returns that include a schedule C, and even profit and loss statements to document income for bankruptcy purposes. It is important to report all income and assets to the bankruptcy court because hiding assets or income can be considered fraud and this is a crime.
If you have not kept very detailed records of your business income and can not provide the required documentation this can determine whether or not you can file for bankruptcy as a self employed individual. The best thing to do is discuss the specifics of your case with an experienced attorney who specializes in bankruptcy law. This will allow you to explore all of your options and decide on a course of action that is right in your individual situation and circumstances.
The bankruptcy lawyer that you choose should know about your complete financial situation. This will help the attorney prepare the required forms and determine what documentation is needed and acceptable to the bankruptcy court. Just because you are self employed does not mean you have to spend the future drowning in debt or struggling to pay off one debt at a time. Bankruptcy may be an option even if you work for yourself or are an independent contractor.
A free debt consolidation consultation with the highly qualified bankruptcy attorneys at Richard West Law can help you find the right answer for your unique debt problems and circumstances. Visit https://www.debtfreeohio.com or call (513)771-8700 or (937)748-1749 to get the answers you want, and the financial relief you are looking for.