Hi! I have a small business and my income is not the same every month. Will I qualify for Chapter 13 bankruptcy? I have a few credit cards that are in collections. The total debt amount is now $25,000. I have a business loan too
You can file Chapter 13
bankruptcy even when you're self-employed. But the bankruptcy process
will be little bit expensive and elaborate. You have to submit extensive
documentation. For instance, proof of expenses, proof of gross receipts,
proof of a tax escrow and previous years' tax returns. You have to
determine your average income based on your income of the last 3-6
months.
Yes, you can file bankruptcy
being a self-employed person. But why aren't you going for settlement? I
would suggest you to approach genuine debt relief company first. They
will assess your financial condition and advice to go for an apt debt
relief option. You might pay off your debts by settlement. So, give a
second though before filing bankruptcy!
Sub: #1 posted on Mon, 10/21/2019 - 03:09
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