J stands for Justify in my Bankruptcy Alphabet. Or rather, it stands for “no need to Justify” your election to file bankruptcy.
Those considering bankruptcy imagine the first meeting of creditors as an inquisition by the trustee. They fantasize that they will have to justify their choice of bankruptcy and that the trustee could disallow bankruptcy relief if he isn’t satisfied.
Not so. No one gets to sit in judgment over your decision to file bankruptcy.
There are laws about whether the debtor gets a discharge, and laws about what property the debtor is entitled to keep. But no laws say you have to be insolvent, or delinquent , or even entitled to a discharge in order to file bankruptcy.
There is no requirement that you be “worthy” or that the decision be sound, or your misery deep enough to file.
It’s just your call.
Jay Fleischman thinks “J” is reserved for him in the bankruptcy alphabet.
Image courtesy of Muffet.