Which Bankruptcy do you qualify for? You may have to take the means test.

The first step to take if you think you may need to file for small business bankruptcy is to find a good, reputable bankruptcy attorney.

Former Louisiana Congressman Jefferson now struggling through bankruptcy

Loans taken out to pay tax bills are nondischargeable in bankruptcy.

The downer economy is continuing to push home foreclosures and consumer bankruptcies upward.

Bankruptcy may not be for everyone, but there’s certainly no harm in at least considering it in your specific situation.

Trying to create exemptions prior to bankruptcy can often lead to costly mistakes.

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Bankruptcy involves a very thorough review of your financial situation. An icky but necessary process. Obviously you and your attorney need to examine your broken balance sheet in order to know what needs to be fixed and how to fix it. Part of that process will be determining whether or not you are qualified to file Chapter 7 bankruptcy through a means test.

If you are considering filing for bankruptcy, there are a few special circumstances where your best option would be to delay your filing.

The first is if you owe taxes that might become dischargeable in the near future, but aren’t currently dischargeable.

Second, if you are filing for divorce, are considering bankruptcy and you have an intertwined financial situation you should file for divorce before you file for bankruptcy.

Next, if you are expecting a huge tax refund, you should definitely wait until you receive it. If you file for bankruptcy first, the money will go towards any outstanding debts.

If you repaid debts to any family members within the last year, you should wait until a year passes since you paid them. If you don’t, the family member may have to pay back the money.

In conclusion, these are just a few situations where you should probably delay your filing, but you should speak with a bankruptcy attorney to find out what is right for you.