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Should I File Bankruptcy?

May 17, 2010

Deciding whether to file bankruptcy can be difficult. There is no “bright line” test that signals when a bankruptcy is appropriate to solve a debt problem. For many debtors, it is not one issue, but a combination of debts that makes bankruptcy the right choice.

Below are common debt patterns that attorneys see from their bankruptcy clients. If you are experiencing one or more of these debt problems, a bankruptcy filing can improve your financial situation:

* Your wages are garnished or your bank account is attached
* You are unable to make even minimum payments to your creditors, or you struggle to make minimum payments each month
* Collectors harass you at home and at work
* You pick and choose what creditors to pay on-time
* You are caught up in a cycle of payday loans
* You are paying off large unsecured debts (e.g. credit cards, medical bills, etc.)
* You are at risk for repossession or foreclosure
* You are being sued for a debt
* The IRS is threatening collection action


Whether to file bankruptcy is a decision that is unique to your personal situation. If you are struggling with debt, a bankruptcy filing stops collection action and provides breathing room so you can decide how to move forward with your finances. The bankruptcy laws offer the choice of repayment or the outright discharge of most debts under the supervision of a federal court. In most cases there is no payment to unsecured creditors and the debtor does not lose any property.

If you are experiencing a persistent debt problem, bankruptcy may be the right choice for you. Discuss your situation with an experienced bankruptcy attorney and discover how the federal bankruptcy laws can eliminate your financial burdens. Get started on a brighter financial future today!


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