subject: Is Bankruptcy the Right Choice for You? [print this page] Is Bankruptcy the Right Choice for You? Is Bankruptcy the Right Choice for You?
Deciding rather or not to file for bankruptcy can be an emotional and confusing time. Understanding what your situation entails can be even more difficult, yet important in order to make an informed decision on what bankruptcy path to take.
Some individuals may find that their situation does not require filing for bankruptcy or that it will not have the outcome as planned; however, many find that bankruptcy can help them out of a stressed financial situation and help them start anew.
There are many factors that go into answering the question of "is bankruptcy right for me?" First, think ahead and look into the near future. Although you may be in a tight financial situation at the moment, do you see your circumstances improving anytime soon? If you believe your current hardship is temporary, you may want to wait it out.
If you do not see your financial situation improving, it is important to conduct research to understand what exactly bankruptcy involves and whether you qualify or should file for Chapter 7 or Chapter 13. Know that for each type of bankruptcy, there are certain requirements that must be met.
Not all liabilities can be forgiven in bankruptcy. Bankruptcy discharges unsecured debt but debts such as taxes, student loans, alimony, child support, etc. are all debts you may be required to pay. It is important to know and understand which debts will be forgiven and which will not. You will also want to figure out what will happen to your personal property before filing and ensure that your pension plans are protected.
Bankruptcy is not right for everyone so it is important to consider alternatives. You may be able to fix your financial situation with personal changes and avoid bankruptcy all together. Consolidation of debt, payment and debt management plans are all alternatives to filing bankruptcy.
Lastly, if you decide to file for bankruptcy, you need to commit to positive changes financially so you do not end up in this situation again. It is important to seek legal advice and help in order to get the debt relief you deserve and accurate guidance on protecting your assets and rebuilding your credit.
When well planned & executed, a bankruptcy can be a temporary, not a permanent, setback. Scottsdale Law Group understands how intimidating the bankruptcy process may seem and the stress that overwhelming debt can cause to individuals and their families. Working together as a team, Scottsdale Law Group and the debtor can successfully navigate the bankruptcy process, attain the debt relief that the law makes available to everyone, and begin the process of rebuilding the debtor's credit and securing their financial assets. For more information about Scottsdale Law Group, please visithttp://www.scottsdalelawgroup.com.
