Hi, this is Jonathan Ginsberg. I’d like to answer a question I get sometimes
from people, “Can I file bankruptcy if I’m making $100,000 or $150,000,
$200,000, whatever the figure may be?” And the answer is yes, but you’ll be filing
most likely a Chapter 13 or possibly a Chapter 11 in which you’re going
to pay back your debts probably at 100 cents on the dollar. Now again, it depends on your debts. If you
have a huge amount of debt, that may be less. But the bottom line is if
you’re making $200,000 a year, there’s a pretty good chance that you’re going
to have enough disposable income or money left over at the end of the
month to pay your debts in full. So there’s no income limit on filing Chapter
13 or Chapter 11, but the key is that we’ve got to show that you’re paying
as much as you can possibly afford. And again, I’m assuming that if you’re
making $300,000, $400,000 a year that you’re probably going to be able
to afford to pay pretty much all of your debt. Now, obviously, if you’ve got a huge amount
of tax debt or student loan debt, that may not be the case, but probably
in most cases you’ll be paying 100 cents on the dollar. But if somebody tells
you that because you’re making $100,000 or $150,000, you cannot file
bankruptcy, that’s not correct. We would have some things to look
at and we’d have to make sure the case passes muster but it is certainly
possible. So, I hope that’s helpful. Again, any questions
about this or anything else related to bankruptcy, personal bankruptcy,
please call me at 770-393-4985. Thank you very much.