Asking someone if you should file bankruptcy is not a simple yes or no question. Just about everyone will say: “Only as a last resort!”In other words, only after you have gone over all other debt relief alternatives and still can’t find a way out of this mess.
But be careful as you weigh your options.Filing for bankruptcy is meant to give people in serious financial distress some relief and a chance to start over. By the time most people get to that point, they’ve probably tried many other methods for managing their debt.Bankruptcy certainly has its benefits, potentially allowing you to wipe the slate clean and start anew.
But there are a lot of things to consider before making a decision, from the negative consequences of filing to whether bankruptcy would even provide relief for your specific situation.Bankruptcy takes a toll and it’s not just financial. There is a social stigma attached to it. For some reason, American consumers view bankruptcy as a financial scar that marks you as a failure the rest of your life.
Bankruptcy is more like a financial scab, something that looks nasty for a while, but with care and attention, eventually clears up and fades away. It’s a chance to start all over again. That’s the reason bankruptcy laws were written, to give people a second chance, not to punish them.
Declaring Bankruptcy: Scary, But Sometimes Necessary
It can be hard to admit you need help getting out of debt, or that you can’t do it alone. But that’s why our government has bankruptcy laws to protect not only the creditors, but you! If you have a nerve-racking debt-load, it may be time to face financial facts. Perhaps you’ve been trying to ignore the ringing phone and the pile of unpaid bills that won’t go away.
However, you could be doing yourself a disservice by not filing for bankruptcy. There are many different types of bankruptcies, and rules that go along with each one, and a lawyer experienced in bankruptcy law can be very valuable. With a good bankruptcy counselor and the right information, filing bankruptcy could give you the financial footing you need to get a fresh start. In other words, throwing in the towel may just be the beginning you need.
The pressures of financial hardship may lead to the need to declare bankruptcy. The process is
complicated though, and in order to make sure you are filing for the right category of
bankruptcy, bankruptcy counselorscan guide you through the steps.
Filing for bankruptcy is a big decision, and in the end you’re the only one who will know what’s right for you. Bankruptcy can be not only a long process, but also a very emotional one for those going through it. Do your research, evaluate all of your options, and then make the decision that most helps you reach your personal goals. Looking into your options sooner rather than later may help you secure your financial future and lose less in the long term.
Bankruptcy counselors can help you decide whether or not to file for bankruptcy, and what type of bankruptcy you should file. If you decide to file, an attorney can assist you so the process goes as smooth as it possibly can, so that when you complete your bankruptcy you will be on the right road to financial recovery.
Disclaimer: While every effort has been made to ensure the accuracy of this article, it is not intended to provide legal advice as individual situations will differ and should be discussed with an expert and/or lawyer.
For all questions regarding your specific circumstance, call an experienced bankruptcy attorney in our directory today – Http://www.Bankruptcycounselors.net/