It is common for self-employed individuals to be intimidated by the thought of filing bankruptcy. While such cases may be a little more complex, an experienced bankruptcy attorney can walk a self-employed individual through the process step by step.
One of the reasons a bankruptcy can be more complex for a self-employed individual is that calculating the person’s income can be more difficult. A W-2 employee can simply prove his/her income with paystubs. However, the income of a self-employed person may include both salary and the company’s profits. In addition, the person may be paying his household’s expenses out of the business’ bank account. A profit and loss statement for the company, and the company’s bank accounts, will need to be analyzed.
Please keep in mind that every bankruptcy matter is different. If you are self-employed, considering filing for bankruptcy protection, and you would like to schedule a no-cost consultation to discuss your options, please contact our office by completing the form on this website or calling us at (954) 932-5377.