' Can You File Bankruptcy on Unemployment Benefits? - Law Offices of Robert M. Geller, P.A.
CALL NOW!
FREE PHONE/VIRTUAL CONSULTATION

Can You File Bankruptcy on Unemployment Benefits?

can you file bankruptcy on unemployment benefitsIf you’re considering filing for bankruptcy due to financial hardship, it can be helpful to understand the various options available. One question that often comes up is whether or not you are eligible to file for bankruptcy if your main source of income is unemployment benefits.

The answer is yes. You can file for bankruptcy even if your only income is unemployment benefits. However, there are a few important things to consider before doing so.

Let’s take a closer look at how filing for bankruptcy and receiving unemployment benefits intersect.

What You Need To Know Before Filing for Bankruptcy with Unemployment Benefits

The first step in determining whether or not you should file for bankruptcy with unemployment benefits as your primary source of income is to understand the types of debts that you have. If you have primarily consumer debt like credit cards, medical bills, and personal loans then filing for Chapter 7 or Chapter 13 bankruptcy may be an option.

On the other hand, if most of your debt consists of secured debt such as a mortgage or car loan then filing for Chapter 7 may not be an option as these debts cannot be discharged in this type of filing.

The second thing to keep in mind is that the court takes into account all of your assets when determining eligibility for either Chapter 7 or Chapter 13 bankruptcy. This includes any assets eligible for liquidation to pay off creditors such as:

  • Vehicles
  • Jewelry
  • Artwork, etc.

It also includes any cash reserves that you may have saved up over time including savings accounts and some retirement account funds. Any funds from these accounts may need to be used towards paying off creditors under certain circumstances so it’s important to take this into account before deciding which type of bankruptcy would best suit your situation.

Should You File for Bankruptcy?

Before filing, consider all of the factors related to your situation. Your income amount and source aren’t the only reasons you might choose to file or not file.

For example, it’s important to note that bankruptcy remains on your credit report for up to 10 years in most cases. It depends on what chapter you choose. In many cases, bankruptcy negatively impacts your ability to obtain future credit or financing in the future. Therefore it’s important to weigh the pros and cons carefully before deciding whether or not this is the right move for you financially speaking.

In conclusion, while it is possible to file for bankruptcy with only unemployment benefits as your primary source of income several factors should be taken into account before deciding what type of filing would best suit your particular situation. It’s always advisable to speak with an attorney who specializes in bankruptcy law before moving forward with any legal action. They can provide guidance and advice so you’ll know how to proceed based on your specific circumstances.

For more information, contact the Law Offices of Robert M. Geller at 813-254-5696 to schedule a free consultation with an experienced attorney.

Archive

Video Testimonials

Tampa Bankruptcy Law Blog

Do Both Spouses Have to File Bankruptcy?

For some couples, filing for bankruptcy is the best way to get out from under crippling debt. But what if...
Read More

Will Bankruptcy Ruin My Life?

Bankruptcy is a legal solution for people struggling with unmanageable debt. It can be a difficult decision to make. In...
Read More

Can Bankruptcy Take Inheritance?

Are you considering bankruptcy? Do you have concerns about your assets? Can bankruptcy take your inheritance? Here’s what you need...
Read More

Can You Go to Jail for Filing Bankruptcies?

Bankruptcy is a difficult decision. However, it can be necessary if you are struggling with debt. This is true whether...
Read More

Can You File Bankruptcy If You Don’t Have a Job?

Filing for bankruptcy is an intimidating prospect. Unemployment adds another layer of complexity to the situation. Can you file for...
Read More

Who Pays for Bankruptcies?

When a debtor files for bankruptcy, the court discharges the majority of their debt. This means that the creditors must...
Read More

Do You Have to Go to Court to File for Bankruptcy?

If you are considering filing for bankruptcy, one of the biggest questions you may have is whether or not you...
Read More

Can You Rent After Bankruptcy?

Filing for bankruptcy can be an overwhelming experience, and it’s important to understand the implications of this process before you...
Read More

Can You File Bankruptcy on Unemployment Benefits?

If you’re considering filing for bankruptcy due to financial hardship, it can be helpful to understand the various options available....
Read More

Do Bankruptcies Show Up on Background Checks?

The decision to declare bankruptcy can be difficult, and it is important to be aware of the potential consequences. One...
Read More

Bankruptcy

For The Next 5 Days GET A FREE BOOK About Bankruptcy

Learn More

Infographics

We are A Debt Relief Agency.
We help people file for bankruptcy under the Bankruptcy Code

Pay Online Bankruptcy Courses Newsletter Subscription

Call For A Free Initial Consultation

813.254.5696

Tampa Office

Law Offices of Robert M. Geller, P.A.
807 West Azeele Street
Tampa, FL 33606
T: (813) 254-5696
T: (800) 853-7549
F: (813) 253-3405

Map And Directions

St. Petersburg Office

Law Offices of Robert M. Geller, P.A.
125 5th Street South
(Wells Fargo Financial Center)
2nd Floor, Suite G
St. Petersburg, FL 33701
T: (727) 532-3939

Map And Directions

Pasco Office

23526 State Road 54
Lutz, FL 33559
T: (813) 336-2320

Map And Directions