Fort Lauderdale High Income Bankruptcy Attorney
Helping Individuals With High Income Obtain Debt Relief
Can individuals with high income file for bankruptcy? Yes. Most people — debtors and attorneys — automatically presume that individuals with considerable income are precluded from obtaining debt relief under the Bankruptcy Code. Or, they assume that the only debt solution for high income individuals is to file for a more expensive Chapter 11 bankruptcy. However, with the help of a skilled and knowledgeable bankruptcy attorney, individuals with high income can achieve debt relief and peace of mind.
Fort Lauderdale high income bankruptcy lawyer Sherri B. Simpson utilizes sophisticated and effective bankruptcy techniques based on her more than 20 years of experience practicing the law, and over 15 years focusing on bankruptcy and foreclosure. Our law firm helps individuals who have significant assets and income, but also considerable liabilities, obtain financial relief and improve their financial health. Call or e-mail us today for a free consultation.
Filing for Bankruptcy When You Have High Income
Generally speaking, most people file for bankruptcy through either Chapter 7 or Chapter 13 of the Bankruptcy Code. However, Chapter 11 bankruptcy may be an option for individuals with considerable income or business interests. The laws governing each type of bankruptcy are complex. Therefore, the decision of the most appropriate debt relief solution should be made under the guidance of an experienced bankruptcy lawyer.
Florida bankruptcy attorney Sherri B. Simpson can thoroughly assess your financial situation and help you determine which bankruptcy options you should file for, if any:
- Chapter 7 bankruptcy
- Chapter 13 bankruptcy
- Chapter 11 bankruptcy
Do You Qualify? Talk to Our Fort Lauderdale and Coral Springs Chapter 7 Lawyer.
Each state identifies the median income level (per household size) for each region. Individuals whose income falls below the median income level will likely automatically be eligible for a Chapter 7 bankruptcy filing. Individuals whose income is above the median must proceed through a bankruptcy means test that takes into consideration income level, household size and allowable expenses. This analysis then determines whether an individual is eligible for Chapter 7 bankruptcy or if he or she must proceed with a Chapter 13 (or a Chapter 11).
For individuals with high income, it is paramount to identify all allowable expenses — from personal expenses used toward a small business to expenses necessary to maintain rental properties or other financial obligations. Many bankruptcy lawyers do not take a detailed approach to identifying these expenses — and recommend that their clients proceed with a more expensive form of bankruptcy. However, our law firm has a proven record of success in guiding individuals with high income through Chapter 7 bankruptcy. Attorney Sherri B. Simpson makes effective use of bankruptcy exemptions to protect assets from liquidation — maximizing both asset protection and elimination of debts.
Protecting Your Assets in a Chapter 13 or Chapter 11 Reorganization
If you do not qualify for Chapter 7 bankruptcy, you may still qualify for Chapter 13 or Chapter 11 bankruptcy. Even if you are eligible for Chapter 7 bankruptcy, Chapter 13 or Chapter 11 may be more attractive, depending on your situation. Do you have a lot of complex or business-related liabilities? Do you have considerable property that cannot be protected in a Chapter 7 bankruptcy? We can closely examine your situation and discuss your options.
Chapter 13 bankruptcy and Chapter 11 bankruptcy are similar types of bankruptcy for individuals in that both solutions involve consolidating and reorganizing debt into a repayment plan. Most individuals with high income, however, are above the jurisdictional limits for Chapter 13, however, and are required to proceed with a Chapter 11 bankruptcy instead (if they opt for reorganization over Chapter 7). Chapter 11 bankruptcy involves complex rules that are unique from other types of bankruptcy. Having skilled legal counsel through the process can greatly reduce the strain of the process and ensure all bankruptcy protections are maximized.
Can I Keep My Business in Bankruptcy?
Yes. Under most circumstances, you can keep your business when filing for bankruptcy. However, there are exceptions. It is important to discuss your situation with an experienced bankruptcy lawyer to learn how to protect your business and enhance your financial health.
If you have numerous properties, business interests or investments that you want to protect, or if you want to walk away and start a new chapter in your life, we can help you define a debt relief strategy to achieve your goals.
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We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.