Should You File for Bankruptcy?
Without a doubt, filing bankruptcy is a truly scary process, and if you’re not well versed in U.S. Bankruptcy laws, chances are you’ll get lost amongst the legal verbiage and paperwork. Bankruptcy is not for everyone and should be considered as an absolute last resort. The choice to file for bankruptcy is not an easy one, and it should be made with the utmost care.
Coping With Bankruptcy
Before you make your decision, consider the following questions and the ramifications they present:
- What are your alternatives? – Bankruptcy isn’t always the best choice for everyone, and you should always consult alternatives, such as simple lifestyle changes, to get you back on track.
- Are you eligible to file the type of bankruptcy that you want? – Certain requirements have to be met for each individual bankruptcy chapter. Thoroughly research each chapter’s requirements before filing.
- What debts will and won’t be forgiven? – Not all debts are forgiven through bankruptcy proceedings regardless of what chapter you decide to file. Research what each chapter covers and what is and isn’t forgiven.
- What happens to my other property? – It’s necessary to consider what will happen to your home, car, property and other acquisitions should you file for bankruptcy. Certain chapters of bankruptcy will confiscate property while others won’t.
- Will my personal life be invaded? – Bankruptcies are naturally intrusive, and you’ll have to reveal every part of your financial situation to creditors. Others may even become aware of your situation should your belongings be confiscated and sold to pay off your debts.
- Will co-signers end up stuck with my debt? – Filing for bankruptcy can put people who co-signed for your loans and other finances in danger and creditors may force them to pay for your debts should you be unable to pay them.
Filing for bankruptcy can be an emotional, arduous process because many people who file generally don’t know what to expect, and that’s where the origin of anxiety, which is combined with the thought of potentially losing everything, begins. However, if you remain level-headed and extensively research bankruptcy guidelines, law and regulations, you can make an effective decision on whether to file for bankruptcy or not.
However, that’s not always realistic, as daily life can often get in the way and can make the research and documentation process quite stressful. If that’s the case, you should file with a trusted law firm that can handle your case and offer you both legal and personal counsel. At Baird Law you’re not just another file folder or collection of documents to us; we’re here to alleviate your worries and get you through the bankruptcy process as efficiently, and calmly, as possible.
Don’t Fret, Baird Law is Here to Help You
Baird Law’s legal staff and counsel can help you get through the toughest parts of filing for bankruptcy. Don’t hesitate to reach out to us with any questions or concerns you have, whether it’s personal worries or questions about particular aspects of filing for bankruptcy.
With our assistance, not only will your bankruptcy be prepared correctly, but we will also represent you throughout the process and provide you with valuable advice for moving forward with your financial life during and after bankruptcy. Schedule your free consultation today.