Should I File for Bankruptcy?

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Should I File for Bankruptcy?

Filing for bankruptcy can be a major decision. It is a complex project that requires much foresight and planning, and generally requires the oversight of a financial advisor or lawyer. Bankruptcy can help a person obtain a break with their finances and can provide a way to "start over" with their debts.

You may wish to consider bankruptcy if:

What Types of Bankruptcy Filings May Be Available?

Some people may have many of these factors going on at once. Depending on your situation, you may wish to choose one type of bankruptcy over another. Chapter 7 is the most common type, which involves a total cancellation of debt (as much as is possible, since some debts aren’t dischargeable). Chapter 13 provides a repayment plan that allows the person to restructure their finances.

There may be other types of bankruptcy filings available. For instance, there are also business bankruptcy procedures, which are different from the typical consumer bankruptcy procedures.

What Are Some Bankruptcy Alternatives?

For some people, bankruptcy might not be the most favorable option. It is usually reserved as a sort of "last resort effort" in case other options fail. Before filing for bankruptcy, you may wish to consider alternative steps such as:

Again, the best thing to do is to consult with a professional or a lawyer who can lay out all your options for you. This can help you avoid legal entanglements in the future, since some lending companies challenge bankruptcy filings in many cases.

Should I Hire a Lawyer for Help with Bankruptcy Issues?

Filing for bankruptcy requires many steps and much planning. You should hire a lawyer for advice and guidance if you need help with bankruptcy or other financial issues. Your attorney can advise you on which type of filing is best suited for you, as well as other options available to you. Also, your lawyer can represent you if you need to make an appearance before a judge.

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Last Modified: 05-13-2014 04:21 PM PDT

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