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Family Medical Bills, Laid Off, Lowered Income, Should we file for Bankruptcy?
I own a small business that has stopped producing steady income the last 6 months. My wife has been in and out of the hospital the last 8 months. She has been back to work for 1 month. We are behind on every bill we have. We have borrowed from her 401k and are out of options. Who can file bankruptcy? What type of bankruptcy would I file for and how should I go about this?
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Answers (1)
It would be wise for you to go ahead and consult with a local attorney to get his or her expert advice. You will need to provide additional details about your finances so your attorney can determine whether you should pursue a Chapter 7 personal liquidation filing (due largely to the high medical bills you can’t afford to pay). However, it may be more advantageous for you to file under Chapter 11 or 13, depending on what exactly is going on with your business.
If you think your wife will be able to continue working full-time and your business may pick up soon, be sure to share those facts with your lawyer, too. Hopefully, your wife can slowly build up her 401K account again to help meet your combined future needs.
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Posted by Elizabeth Smith on 22 Jan 2010
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