Bankruptcy is a consideration if you have no way to pay your bills. As a rule of thumb if you use a 3 year period as a baseline, if you cannot repay your debts (excluding your home loan) in full while maintain a reasonable standard of living during that time, then bankruptcy should be a consideration.
In considering bankruptcy you must be serious in following through to the end, there are no half measures in bankruptcy. The purpose of bankruptcy is to get relief from your debts, that is the purpose of the bankruptcy code is to assist genuine people who cannot repay their debts. The bankruptcy code is not for people who are trying to rip off others be they companies, friends, partners or any other identities that are legitimate. In using bankruptcy be aware that it cannot stop any criminal prosecutions that may have just be applied or will be applied into the future. This will include court issued judgments where you fail to meet the obligations of those judgments, like child support.
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Bankruptcy is a good method in stopping the IRS from undertaking seizes and the repossessions of your property cannot be done by the repo man. If bankruptcy could not stop this then your assets would have been quickly liquidated. This would also apply to foreclosures of your home. This would be against the intention of the bankruptcy code, therefore this is why they are exempted. As previous mentioned judicial actions cannot be stop, including the loss of your driver's license if you have unpaid fines or judgments against you. After you have filed for bankruptcy, this will stop any garnishing of your wages and will halt most types of lawsuits that currently or into the future that maybe filed against you.
Bankruptcy is a good way of dealing with creditors, particularly those ones that have not been reasonable in trying to help you in paying off the debt. Usually you find that these creditors are also the most forceful in their interactions with you. By filing a bankruptcy petition you immediately have the protection of the legal system, where if the creditor tries to undertake any actions then a court can be used to get them to cease their actions.
A word of warning is that you should seek professional advice before filing for bankruptcy, this advice is available from accredited bankruptcy lawyers. In recent years there has been a growth in "shonky" practices by so called experts in bankruptcy. These people have caused a lot of problems from people taking their advice which has resulted in the loss of their home and other possessions.
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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