Reasons to File Bankruptcy

June 26, 2010 11:02 am admin Legal

There are many reasons people decide to file bankruptcy. Here are a few we have been seeing a lot of recently:1. Your monthly debt payments, when combined with your living expenses, exceed your monthly income.2. You would like to wipe out your debts and receive a fresh start as quickly as possible.3. You make below the median income in your state or you pass the �Means Test.�4. You do have non-exempt property which you would like to surrender to your creditors in order to receive a fresh start.5. You need to file bankruptcy but you would not have any money left over for a plan payment every month.6. You do not need Bankruptcy to catch up on any mortgage or car payments, and want to wipe out your unsecured debts without having to make a monthly payment to a bankruptcy trustee over the course of three to five years.