Is Bankruptcy Right For Me?
Declaring bankruptcy is so much more than a financial decisions; it is a personal and emotional one as well. Because of this reason, it is not so easy to say that it is the right choice for anyone, however we can provide some insight into the process that will help you make a decision.
Your Financial Circumstances Will Improve Soon
Do you see your situation improving? Times might seem tough right now but you might see a silver lining not that far ahead. If your current financial situation temporary, it may be worth waiting until your cash flow increases. After your circumstances improve, you will be able to pay down your debts sooner.
Most of Your Debt Is Secured
Credit card debts, medical expenses, and collection accounts could all be handled with a bankruptcy, but secured debts – anything backed by collateral, such as a mortgage or car loan – still need to be repaid or returned depending on which type of bankruptcy you choose.
You’re Can Handle the Emotional Side of Bankruptcy
While bankruptcy brings a lot of relief to some, it brings remorse and guilt to others. Take the time to really think through your emotions regarding “going bankrupt.”
Take the time and make this decision carefully. This is not an easy choice and though it is not the end of the world, you should understand everything about bankruptcy before making this life changing decision.