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Bankruptcy Myth: You Must be Broke and Have No Assets

By Ullian Associates of The Law Firm of Ullian & Associates, P.C. on March 24, 2020

You do not need to be destitute in order to file for bankruptcy.  So if you are employed and earning a significant salary, or you own a home, a car, or other assets (e.g., jewelry, furniture, a television, or stock) and thought you may not be eligible to file for bankruptcy, you will be surprised to know that you can file for bankruptcy.  Also, you may be able to keep most, if not all, of your assets.  There is no cap on the amount of income you can earn or the amount of assets you can have in a bankruptcy.  Bankruptcy is a tool to help you eliminate or manage your debt.

Remember to keep in mind that bankruptcies are filed by every segment of the public (i.e., people from all different backgrounds, occupations, and incomes).  However, since there are different types of bankruptcies, a person’s individual income, expenses, assets, and liabilities will determine what Chapter of bankruptcy is appropriate (Chapter 7, 11, or 13).  Check out our post on Bankruptcy Exemptions for more information on how to protect your assets in a bankruptcy.

 

For more information on bankruptcy or to schedule your free consultation with The Law Firm of Ullian & Associates, P.C., contact us here.

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