Bankruptcy is a process that many people find to be intimidating, but it doesn't have to be. The key to a successful bankruptcy case is evaluating whether you are a good candidate for the process and also knowing what to expect. Before filing for bankruptcy it is important to ask yourself a few questions to ensure you are making the right choice for your financial situation.
Have I tried any other forms of debt relief?
While bankruptcy is a great tool for many people, there are other ways to resolving debts that could be a better alternative. In general, it is important to consider whether direct debt negotiations with your creditor would be effective in producing the financial outcome you are seeking. The overall goal is to repay your debts, prevent or repair your credit and keep your assets away from creditors. However, if you cannot afford to repay your debts or have assets at risk of liquidation, bankruptcy may be the option to go to first.
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Do I qualify?
Many file for Chapter 7 bankruptcy, only to find out that they do not qualify. This could be due to insufficiently low debts or an income level above the median income level of their state. Having too little debt or too high income can prevent you from being eligible for Chapter 7, but you may still be qualified to file for Chapter 13. The idea is to determine whether you need debt elimination versus repayment assistance and figure out whether you would qualify for this type of assistance before you file the petition.
Are my assets at risk of repossession or foreclosure?
One of the main benefits that bankruptcy can offer is protection against asset liquidation. Secured debts, such as a mortgage or car loan, are especially vulnerable to repossession and foreclosure when you default on payments. However, filing for Chapter 13 can offer immediate protection of these assets while you work to repay your debts. Traditional debt negotiations are not likely to offer such protection.
Have I consulted an attorney?
Although the bankruptcy process can be managed alone, you are advised to seek counsel from a bankruptcy attorney before proceeding with the case. They can help determine your eligibility, act as a mediator between you and your creditors and even assist you in completing the numerous documents needed to file the case. A qualified attorney will be able to maximize the benefits and asset protection offered under bankruptcy laws and help your case be completed smoothly.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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