Should I file for bankruptcy?
I have people ask me this question all the time. “How do I know if I should file for bankruptcy?” I wish there was an easy answer. Unfortunately there is no easy answer. There are many reasons people file for bankruptcy. While some reasons are common for a lot of people, just like a snowflake, no two debtors have the same exact reasons for filing bankruptcy. Particularly because everyone financial situation is different. A good place to start in answering this question is by educating your self. While the internet is great place to start, it is to your advantage to speak with an experienced bankruptcy lawyer. These two sources will provide you with the basis for making your decision. Another good place to look is right in your own home. Talk to your family and see what your husband or wife thinks, your parents think, or even close friends. Your friends and family will be able to give you the added support you will need in making this decision.
It would be nice if there was a questionnaire to determine with 100% certainty whether you should file for bankruptcy. While it is true there are several reasons people file bankruptcy. The following are the most common reasons that individuals typically file bankruptcy:
- Stop foreclosure of your home
- Stop repossession of your vehicle
- Unexpected medical bills that are beyond your financial ability
- Unexpected loss in income
- Stop abusive or harassing behavior from creditors
- Various family problems such as divorce
This list is definitely not exhaustive. Some of these reasons may hit close to home, while others may not. If you find yourself fitting into one or more of these categories it is to your advantage to speak to a licensed bankruptcy lawyer. Speaking with a bankruptcy lawyer will be a step in the right direction in removing your creditor’s shadow over your life.
