Can You Be “Wealthy” & File Bankruptcy?

by DeLadurantey Law Office, LLC on September 17, 2014

diamondMany people believe that bankruptcy is only available to individuals who are “poor.” However, this is not the case. In fact, people who are considered to be “wealthy” can obtain debt relief through the bankruptcy process.

Interestingly, people who are truly poor often do not benefit from a bankruptcy filing as much as those with more wealth. This is because individuals who are below the poverty guideline or who are receiving public assistance are usually “judgment proof.” In other words, their wages are usually exempt from garnishment and creditors cannot collect from them. Of course, they may still file for bankruptcy in order to stop creditor harassment.

It should be noted that the wealthier you are, the less likely you are to be eligible for a Chapter 7 filing. It all comes down to whether you to pass the means test. If you do not qualify for Chapter 7, filing a Chapter 13 or individual Chapter 11 can also benefit you and help you to get your finances back on track.

So, you do not have to be poor to qualify for bankruptcy and filing a bankruptcy does not mean that you are broke. Seeking bankruptcy relief means that you are unable to afford all of your bills as they come due and you are working to restructure your debts and gain control of your finances.

If you are interested in learning how filing Chapter 7 or Chapter 13 could benefit you, contact us to schedule an initial consultation.

Contact The “Milwaukee Bankruptcy Attorneys,” DeLadurantey Law Office, LLC.   DeLadurantey Law Office focuses on student loan debt, Chapter 7 and 13 bankruptcy, debtor’s rights, debt negotiations, debt relief, mortgage loan modifications, and foreclosure defense. A “defender of the little guy, DeLadurantey Law Office serves the following location – Milwaukee, South Milwaukee, West Milwaukee, Waukesha City, Waukesha Town, Kenosha, Racine, and all other municipalities in Milwaukee County, Waukesha County, Kenosha County, and Racine County. We can be contacted by phone: (414) 377-0518 and can be found on the Internet and on Facebook.

 

 

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