Are you worried about your current financial situation? If you are concerned that it is no longer tenable and that you may no longer be able to pay your bills and creditors and do so in a way that is sustainable over the long-term, you may want to consider filing for personal bankruptcy.
If this is the case, the first thing you’ll want to find out is who can file for bankruptcy and whether or not you are eligible. This means familiarizing yourself with Federal Bankruptcy Rules, which determine how bankruptcy proceedings occur and what the stipulations are when you file. For example, if you as an individual who has “secured debt” that is in the amount of $1,081,400 or less, you may be eligible to file under the Chapter 13 bankruptcy laws. This situation differs from when people file Chapter 7 bankruptcy, in which assets are liquidated as a trade for reducing debt.
You’ll also want to make sure you know about the specific bankruptcy requirements in your state and the overall regional economic climate around bankruptcy. For instance, the state of California was among the 10 states with largest number of bankruptcies per capita in the year 2012. There were 12,126 instances of bankruptcy filings in Oregon between the first and third quarters of 2012, as reported by the american Bankruptcy Institute.
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