Some people find themselves to in debt that they feel there is no choice but to file bankruptcy. Maybe you should and maybe you should not. You actually do have options even if you are in thousands and thousands of dollars in debt.
The first and most important question is can you avoid filing bankruptcy? To help yourself determine this create a budge for your monthly expenses. Include mortgage and car payments but leave out all other debt for now. Once you figure out how much money you have left at the end of the month after paying the mortgage and car payments, take a look at your bills. Calculate what it would take to pay off the bills in total. Do not just figure on paying minimums, portion in a fair portion of the principal. Can you pay them all off in about 3 years? If you can it might be best that you try but remember not to take out more credit accounts and just waste money in general.
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If your debts are such that it would take you five or more years to pay them off it might be time to look at bankruptcy options. The two most popular bankruptcy options are Chapters 7 and 13. Chapter 7 is actually the simplest and quickest one to file. It is available to almost everyone, individuals, couples, corporations and partnerships. It is a liquidation proceeding that sells off your non-exempt assets. In consumer cases (individual and couples), almost all assets are exempt. This means there is nothing to liquidate and do dividends to give creditors. You will have to meet with your creditors and probably retain a lawyer to take advantage of this option.
To be eligible for Chapter 13 you must have regular income and debts below a predetermined level. It protects you from debtor collection action during the case. The thing is that in Chapter 13 the debtor can impose a debt management plan on you. You have to accept this. When considering this plan compare the pros and cons between Chapter 13 and debt repayment plans.
Remember though that filing bankruptcy can stay on your credit report for up to 10 years. You might want to think twice before you file and consider other options (debt consolidation etc.) that won't have such a negative effect on your credit report.
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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