Bankruptcy

The Decision to File is Difficult


 

We do not judge our clients because we know that bad things can happen to good people.  That being said, in many instances bankruptcy may be your best option.  For example, filing for bankruptcy can stop foreclosures, repossessions, or garnishments, and allow you precious time to deal with your financial troubles.  In addition, you may be able to eliminate many types of your debt (in a Chapter 7) or develop a payment schedule (in a Chapter 13) to ease your financial burden.  Each client’s unique situation will dictate whether they should file for bankruptcy.  We are here to help you with that decision.

What Do I Need to Know About Bankruptcy


 

Bankruptcy does not have the negative connotation that it once had.  Many people don’t file simply because they don’t want people to think less of them.  It is not a part of your public record and your friends and family will not read about your financial woes in the paper.  A few more details include:
  • It does not wreck your credit for the rest of your life.
  • Many people are able to purchase a car or house within 3-4 years after filing if they have established and maintained good credit.
  • You cannot discharge student loans except in extreme situations.
  • You do not get to choose which creditors you list
Filing for bankruptcy is not something you should do on your own.  Hire a lawyer who make sure all the forms are filled out correctly and all the details are taken care of.

What Situations Warrant Bankruptcy?


 

Sometimes you fall behind because you have lost your job, gotten divorced, had medical problems that have incurred a lot of medical bills or you may be facing foreclosure.  When these circumstances occur, many people find their wages and/or bank accounts being garnished.  If you are unable to meet your daily living expenses and pay your debts, bankruptcy may be an option.
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When Not to File for Bankruptcy


 

There are a few situations when it is unwise to file for bankruptcy, such as:
  • If you have a small amount of debt, you may want to consider debt counseling.
  • If you have filed within the last few years.
  • If your only source of income is Social Security you may not need to file because it cannot be garnished.
 
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