This question’s answer is simple. The answer is any person who is seeking financial relief from his or her creditors can file for Bankruptcy. Section 101 (41) of the United States Bankruptcy Code states as follows: “The Term ‘person’ includes individual, partnership, and corporation…”. This means that in addition to individuals, businesses and both small and large corporations can also file for bankruptcy in order to manage their debts and protect their assets.
Who Files for Bankruptcy?
The vast majority of bankruptcy filings are by ordinary, hard working American consumers seeking relief from their debts and a brand new fresh start on life. Many economists are saying that our economy is improving and maybe it is somewhere in the US, but where my clients sit, things are still very tough. My clients are forced to use credit cards to purchase necessities for their children in order to make ends meet. Being dependent on credit eventually leads to an overwhelming amount of debt. Then they have an unexpected cost that hits, such as an HVAC going out and needing to be replaced or a medical tragedy. Now they’re left with difficult choices. Do I heat and cool my home or pay credit cards? Do I buy the prescriptions I need to survive or pay credit cards? The decision is easy. Naturally you take care of your home and you buy your much needed medicine. Before you know it, the credit cards have become more than you can handle.
If you are drowning in debt and have any questions regarding any aspect of Bankruptcy in Alabama, Tennessee or Mississippi, please call one of our Bond & Botes affiliated offices. We offer free initial consultations so feel free to call one of our conveniently located offices to set up a private consultation with one of our experienced attorneys. If you have questions regarding Chapter 7 Bankruptcy, Chapter 13 Bankruptcy, stopping foreclosure or wage garnishment, avoiding liens, stopping law suits, discharging debt, etc. we can help!
We will analyze your situation and help you make the best decision possible to help you with your financial problems.