Choosing the right bankruptcy for those with irregular income

On Behalf of | Jan 29, 2015 | Personal Bankruptcy |

When a person has a regular paycheck, staying out of debt can still be tricky. Imagine the stress involved with working a seasonal job or owning a business. In these situations, there is no steady paycheck upon which you can rely. You’re not always paid on a weekly or even monthly basis, so trying to pay bills and stay out of debt is especially challenging. Fortunately, bankruptcy can help provide debt relief, but it’s important to choose the right type to fit your specific situation.

Tennesseans who run their own business will likely face ups and downs, just like any other company. While being an entrepreneur can be an exciting venture, it can be stressful as well, especially when the economy isn’t doing so well, the company is losing business and the bills aren’t getting paid. Those with irregular income face the same challenges. Those who work outdoors – such as construction workers and loggers – may see things slow down and even dry up in the winter when rain, snow and other inclement weather make it impossible to work.

There are several types of bankruptcy to choose from. Many consumers prefer Chapter 7 because it eliminates debt altogether. Chapter 13 is good for those with irregular incomes who prefer a repayment plan. Chapter 11 is ideal for business owners. There is even a lesser-known Chapter 12 bankruptcy that helps family fisherman and farmers relieve their debts.

If you are facing overwhelming debt and relief appears to be nowhere in sight, bankruptcy may be your only option. An experienced bankruptcy attorney can assess your financial situation and help you make the right choice.

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