In order to determine if
bankruptcy is really the best choice for you particular financial situation, you
must consider certain factors. It is advantageous to fully investigate
all of your options by doing your homework. Here are a few steps to take
to do just that:
1. Understand the disadvantages and advantages of bankruptcy
It is essential that you know and comprehend each form of bankruptcy, including both
Chapter 7 and
Chapter 13. There are distinct advantages to both, yet there are also some areas
that may concern you with each as well. While Chapter 7 discharges a good
portion of your debt, it is not available to all individuals and you must
first pass a means test. Chapter 13 is perfect for people wishing for
some help with paying off their debts in smaller installments rather than
facing a large sum.
2. Perform a budget analysis
This will help you to determine if after filing bankruptcy your finances
will be such that you can pay your bills. It will show you whether or
not bankruptcy will actually help you in the long run. You do not want
to go through all of that hard work only to discover that it was harmful
to your financial situation.
3. Look at alternatives
There are plenty of viable options out there to consider including
debt negotiation and
debt consolidation. You may be able to work out a new agreement with creditors on a different
payment plan. A lawyer that is knowledgeable with these alternatives may
be able to push you in the right direction.
4. Locate a lawyer proficient in bankruptcy cases
Having a qualified attorney to guide you through the process and determine
if bankruptcy is profitable for your situation is absolutely essential.
You do not want to risk your future financial standing without consulting
with a professional first.
At our firm, you can be sure that with over 33 years of combined experience
that you are in good hands. Our founding partner,
Attorney Marshall D. Schultz, has helped over 10,000 clients receive positive results in their bankruptcy
cases. We can do the same for you!
Please do not hesitate to
contact our office today for more information.