Do I Have to Be Broke to File for Bankruptcy?

Bankruptcy Attorney Dayton, Oh

If you’re struggling with your financial situation and need a fresh start, filing for bankruptcy may be a tenable option. As it turns out, you don’t need to be completely broke or behind on all your bills to file – and you don’t have to dig into your 401(K).

Behind Finance

In fact, many bankruptcy filers have steady jobs and earn significant incomes, and many even own homes. While some people filing for bankruptcy have drained all their assets, you don’t have to be completely broke to eliminate your debts and find relief with bankruptcy. A bankruptcy solution is available to anyone overburdened by debts.

Many individuals and business owners owing debt often decide to wait until they are flat broke to speak with a bankruptcy attorney, and may be a day away from foreclosure or other losses. You don’t have to wait this long; if anything, filing for bankruptcy can potentially circumvent dire consequences.

If you don’t qualify for Chapter 7 bankruptcy, Chapter 13 offers a tenable option to those burdened by debts, and your assets – such as home, car, and retirement account – may be protected by exemptions. If you’re seeking financial relief through bankruptcy, it’s always a good idea to seek assistance from a lawyer.

On the flipside, many Americans believe they are too broke to file for bankruptcy. Fees from credit counseling and legal assistance can add up. However, there are many bankruptcy lawyers available who can help you navigate these costs. A bankruptcy attorney in Cincinnati will talk to you about your goals and help you explore your options.

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