Who should file for Chapter 7 Bankruptcy?
Chapter 7 debtors file for bankruptcy because, simply, there is not enough income to pay all their necessary living expenses and their debt. There are many reasons why a debtor falls into this situation.
Here are some common factors:
- loss of employment
- reduced income
- serious illness
- unexpected expenses
If you are not able to pay your necessary living expenses and your debt, you may want to consider filing for Chapter 7 bankruptcy. It doesn't matter if you are in default on your debt. Even if you are current on all of your accounts, you can still file for bankruptcy at any time.