If Trump Companies Can File for Bankruptcy, Why Can’t I?
With the recent news of Donald Trump’s companies filing for bankruptcy, many Americans are left wondering why they can’t do the same. After all, if someone with so much money and power is allowed to take advantage of bankruptcy laws, why isn’t it an option for everyone? The answer lies in understanding what types of bankruptcies are available, and how they affect individuals.
The most common type of bankruptcy individuals file is Chapter 7 Bankruptcy which allows people to discharge most unsecured debts. While this may sound appealing to those struggling financially, there are some requirements that must be met first. Most notably, debtors must demonstrate that their income is below a certain level in order to qualify and pass the means test.
The Law Offices of Omar Zambrano has helped thousands of people and businesses in the past to get out of debt and start over.
Our goal is to help you find a fresh start FAST!
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