They all still let you deduct business expenses so yes...

How do you know this😂

Yeah, we actually had to file recently and it was 338 for the filing and 900 for the lawyer not too bad especially since you pay roughly 150 a month to the lawyer over six months. And it’s pretty easy. You just fill out some paperwork as long as you have basic knowledge of your bills you’re good.

@@haikukillyou1971 I would be interested to know why you filed bankruptcy. And I'd be even more interested to know what your life and assets look like post-bankruptcy filing. If you still have a nice house, nice cars and any luxury items, well you shouldn't in my opinion. Having a nice house, nice cars and any luxury items say you could afford to pay your debts. Now if you are truly suffering and destitute, then I am far more empathetic. My former father-in-law owned a business that failed and owed several supply houses at the end. The business was formed as an LLC. He could have walked away with paying pennies on the dollar. It hurt him but he settled ALL his debts in full. It was the right thing to do!

@ well to make a long story short we do live in an area with higher prices. It’s not incredibly high, but it still is high. That being said for a while we were a one income family and even when my wife was working, we still had a decently amassed debt, especially with two kids. I would say it was close to about $70,000 and that primarily was due to the fact that inflation hit very rapidly and we had to rely on credit cards to make up the difference. As for assets, we rent an apartment, we own our vehicles. One a newer 2020 van and my 03 car. No luxury items to speak of. My only real “luxury item” is my laptop that’s 4 years old. You could say the last 4 years have been pretty rough. The hardest part about filing bankruptcy though is learning to budget all over again but without cards to fall back on. It’s really nice not having all those bills to worry about and not having cards is actually a blessing because now we actually have a positive amount of money coming in. Before we had more money going out than coming in.

@@haikukillyou1971 I hear all that you are saying BUT I also lived through the same 4 years that you cite in your reply and yet I didn't file bankruptcy, and I am not filing bankruptcy. Furthermore, I have listened to so many that were angry with Biden even considering across the board student loan forgiveness while there are businesses and households that are declaring bankruptcy. You do realize if everyone who got into a jam declared bankruptcy where would that leave all of us. Just a thought. For me and my perspective, medical is the one and only reason I am ok with filing bankruptcy because no one wants or asks to be sick, diseased or injured. As for most others, it has a lot to do with "over extending" themselves to include having more children than can be afforded. JUST SAYING!! I am now in my 50s but I have had a pretty good handle on these issues and have lived frugally from early on and that has helped me through the good and bad macro-economic times!

@ that’s true you did live there in those four years, but you never also cited how much you were in debt during this four years in a specific circumstances during those four years and know whether or not you had children in those four years. Also, if people are struggling due to specific circumstances such as the inability to afford childcare or inability to have family around to help with certain things does that mean that they shouldn’t be happy? And I noticed you mentioned the student loan forgiveness. On that note, why is the acceptance of paying off everyone’s student loans for them which a mass a far greater amount than what most people’s average that is considered to be OK but people can’t file bankruptcy to help restart their lives and possibly help them learn from mistakes they’ve made. See you’re extremely judgmental based on the facts I stated. So what you’re saying is because my wife happened to get pregnant with the second kid I should’ve aborted the second child? That I shouldn’t have had my little boy just because it would be hard to afford what if your parents were struggling when they got pregnant with you and just decided to abort you instead? I mean, obviously we wouldn’t be having this conversation. Unfortunately, with my job my hours of overtime that I’m end up working are incredibly random and she’s required to work specific days of the week and which case on those days she goes to work comes home then I leave for work. There’s too many variables for you to absolutely say that you’re 100% correct. Hell even my rent for a two bedroom apartment for four people is almost 1700 a month which is about a little less than half of what I bring in. I’m not saying everyone needs to declare bankruptcy, but sometimes life happens and people get into unfortunate situations which do snowball into various other ones. I don’t see how we overextended ourselves in anyway it’s just an extremely unfortunate situation that prices keep rising wow wages at most are bare minimum with the cost of living for one person in a state. I do apologize for my little rant and it may seem incredibly out of order but in my state, the cost of living for a single adult and a one bedroom apartment for all the bare necessities is $25 an hour. Now, if you have two people making $25 an hour, you’re still at the bare minimum. You all have to remember that not everyone has had the same opportunities that you or I may have had and my opportunities definitely may not have been the same as yours. It’s not good to judge people’s decisions based off of your own situation because yours is definitely not the same. And take this as you will, but in any reply that you’ve made on my comment so far has not posted any sort of helpful response whatsoever but seems purely judgmental.