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Bankruptcy for the Self-Employed

by DeLadurantey Law Office, LLC on February 21, 2014

Bankruptcy for Self-EmployedIf you are self-employed and facing overwhelming debt, it may be time to consider filing a Chapter 7 or Chapter 13 bankruptcy. Being self-employed does not disqualify you from filing a personal bankruptcy, but it can make your case more complex. Thus, it is vital for self-employed individuals to obtain the help and guidance of a skilled bankruptcy attorney.

What are the special concerns for self-employed debtors? Calculating your monthly income may be more difficult. When you file a personal bankruptcy, your current monthly income is considered to be the average monthly income for the six months preceding your petition date. Employees who receive a W-2 form from their employer can typically document their income with paystubs, which makes calculating their average income fairly easy. However, when you are self-employed, your income typically fluctuates and is not as easily documented.

What can a 1099 employee do? If you believe that a bankruptcy filing is in your future, begin tracking your earnings with a profit and loss statement. Unfortunately, most people are not aware this far in advance that they will seek bankruptcy protection. Thus, it is important to start documenting your income as soon as possible. An experienced Chapter 7 or Chapter 13 lawyer can also review your records and assist you with calculating your monthly income.

The lawyers at DeLadurantey Law Office, LLC are experienced in representing self-employed debtors in personal bankruptcy cases. Contact us today to learn how we can help you.

If you would like a down-to-earth approach and a lawyer who will listen carefully to all your questions and concern, call DeLadurantey Law Office, LLC,at (414) 377-0518.  We serve clients primarily in the areas of Chapter 7 and Chapter 13 bankruptcies, debt negotiations and defending foreclosure actions. If you live in the area of Milwaukee, Wisconsin, call us for the debt relief assistance you need. Visit our web site and like us on Facebook.

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