- Divorce
- Child Support
- Spousal Support
- Limited Liability CompaniesIn general, limited liability companies and corporations have more protection than sole proprietors and general partnerships. These businesses may file for business bankruptcy, which as we’ve discussed, will not affect your personal credit score in most cases. You are not personally responsible for the debts owed if you do business under an LLC or corporation.
- BankruptcyNot everyone is eligible for Chapter 7 bankruptcy. Eligibility is based primarily on your household income in relation to the median income for your state of residence. Under the 2005 Bankruptcy Act, known as BAPCPA, individuals filing for Chapter 7 bankruptcy must pass what is referred to as the means test.
- Foreclosure