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Can I Still File Bankruptcy if I Have a High Income?
I have a reasonably high income, $12,000 per month, but have accrued significant debt through my small business, and my monthly expenses are now more than my income. Is bankruptcy still an option for me?
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Answers
You may have a very difficult time trying to get into a chapter 7 case, but you can surely benefit by getting into a chapter 13 repayment plan. In this type of bankruptcy, only your disposable income is considered. What that means is, if you have a mortgage and other allowable monthly expenses, you can eliminate a lot of unsecured debt, and get into a very low monthly repayment plan that will allow you to get out of unsecured debt obligations and get back into a solvent financial state.
Talk to a Bankruptcy Lawyer about your options of getting a chapter 7 discharge. You may be able to, despite your high income. If not, then he or she can advise you on the opportunities chapter 13 can offer you.
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Posted by Domenica Ginocchio on 01 Apr 2010
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