Bankruptcy Example 2

Fouad had $59,616.00 in total debt. Slowly his debts had crept up on him and he found it impossible to pay everyone on time. He also had a car accident which was his fault and the other car’s insurance company was chasing him.

He owed Insurance Company $11,168.00, Credit Card 1 $22,721.00, Credit Card 2 $5,128.00, Credit Card 3 $10,108.00, Credit Card 4 $6,335.00 and the Tax Office $4,156.00.

He had a job but only was earning minimal wages and simply could not meet his living expenses and then pay off any debt.

We went through his situation and he decided bankruptcy was his best option. He got to keep his car and all of his household items. His income was also protected. The stress that was removed from him allowed him to sleep at night and be relaxed during the day.

Note: your situation may be different and require a different strategy.