As the economy continues to move sluggishly and unemployment rates remain high, business owners and employees alike have asked “should I file for bankruptcy”?  Since I have no idea where the nearest bankruptcy court is, I enlisted the help of Irvine bankruptcy attorney Jeffrey Hsu to guest blog here today. “When should an individual file for bankruptcy?  That is a difficult question to answer because the decision to file for bankruptcy is specific to the individual contemplating bankruptcy relief. The decision to file bankruptcy should always be one of last resort.  That means other options should always be completely exhausted before one decides to file bankruptcy.   Most importantly, filing bankruptcy is fact specific and depends on the issues a person is facing. The most common factors for those filing bankruptcy include issues related to credit card debts, lawsuits, wage garnishments, or tax liabilities.  When an individual faces such issues, the likelihood of filing for bankruptcy is still not certain.  Factors that can influence the decision to file for bankruptcy include, but are not limited to: Property the individual may lose as non-exempt … Continue reading →