No, you do not need to be completely broke in order to file bankruptcy. In fact, most of our Arizona bankruptcy clients have jobs and many own homes. You don’t need to be living under a bridge or in a park to qualify for bankruptcy. Regardless of how much or how little money you make, you can file bankruptcy. Additionally, regardless of how much or how little debt you have there will be a chapter of bankruptcy right for you.
When we meet with a potential client, we look at salaries and income to analyze them for determining eligibility under the means test. Most of our clients qualify for eliminating their debts with Chapter 7 bankruptcy. Those who do not qualify for Chapter 7 bankruptcy because they make too much money can still seek relief under Chapter 13.
Bankruptcy relief is available to anyone who is over-burdened by their debts and has difficulty paying them. So even if you have a regular, steady job and are earning a healthy salary you can still seek bankruptcy relief. For many Arizonians bankruptcy is the only realistic way out of their stressful financial situation.
Additionally, most assets are protected by exemptions. So even if you own a home, car, and 401k we can most likely protect them. Take the first step in tackling your serious debt problems by meeting with one of our skilled Phoenix bankruptcy attorneys.