Bankruptcy, as a debt relief option, has long been considered a safety net for many people facing financial difficulties. But the lengthy, expensive, and credit wrecking process of bankruptcy should only be considered if all other debt relief options have failed. Bankruptcy was never intended to be an answer for people who simply took on too much discretionary debt; it is instead supposed to be limited to those who through unavoidable circumstances like illness or job loss are simply unable to meet their financial obligations.
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You can certainly think about bankruptcy as a source of debt relief, but don't do so unless you have exhausted all your other options.
Get Informed
The more you know about your debt relief options, the stronger your chances of finding some will be, The first thing you should do is talk to an attorney familiar with debt relief, so that you get a clear picture of the legal alternatives available to you. If bankruptcy is your best choice, you will find out, but if it is not, you will be given guidance as to the next steps to take. You should never think that you can successfully navigate your way through the personal bankruptcy process without the services of a qualified attorney.
Bankruptcy Options
If your attorney advises you to file for bankruptcy, you will next have to determine which sort of bankruptcy is appropriate for your situation. For most personal bankruptcies, Chapter 7 is most commonly filed. In Chapter 7 bankruptcy, your assets will be liquidated, although some of them, which are deemed necessary for your basic living needs, are protected. There are some forms of debt which cannot be erased with Chapter 7 bankruptcy.
In 2005, a Federal bankruptcy reform act was passed in the US to prevent people from using bankruptcy as a simple form of debt relief. There are more legal standards to meet now before an individual can qualify for personal bankruptcy under Chapter 7, so you really should talk to a debt attorney or other professional and see if bankruptcy is a debt relief option for you. This is especially true if you are carrying much credit card debt.
Chapter 13, or Reorganization, is a form of debt relief for individuals who have the means to pay off their debts if they are reorganized. This type of bankruptcy is overseen by a court which provides a plan for debt relief which requires the debtors to use the entire amount of their disposable income to eliminate their debts.
Anyone relying on bankruptcy as a means of debt relief will suffer the consequences for a very long time. You should never file for bankruptcy without first consulting a legal professional or debt counselor to examine your other options. If you can find a means of debt relief which will let you avoid bankruptcy, grab it. You will be making one of the most important decisions of your life, so make sure you do all the necessary research and planning before proceeding.
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