Am I eligible to go bankrupt?
You are eligible to go bankrupt if:
1) You owe more than $1,000; and
2) Your are insolvent, which is a fancy way of saying that you don’t have the income or assets to pay your debts.
Bankruptcy is always a last resort. The Trustees at Welker and Company will explain all of your options and their respective pros and cons so that you can assess all of your options, including bankruptcy.
As a general rule of thumb, bankruptcy makes sense for people who:
- Own very few non-exempt assets;
- Owe more than $20,000; and
- Do not have surplus income.
That said, every situation is unique which is why it’s best to speak to one of our Trustees to have your situation reviewed. We can review most situations in a matter of minutes whether over the phone or in person during a free consultation.