There is a lot of talk about how bankruptcy can damage your credit score and why you should avoid bankruptcy until all other options have been exhausted. However, there are also some reasons why you may need to consider bankruptcy if you are truly having trouble paying your debts. So when exactly should you consider declaring personal bankruptcy?
First of all, you are obviously a candidate for bankruptcy if you are truly broke. If you have an enormous amount of debt for whatever reason, have no assets whatsoever, and have lost your income recently, then you definitely should talk about your options with a bankruptcy lawyer.
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However, what if your situation is not to this extreme? What if you are overwhelmed by your debts, but still have a decent job and some assets that you would like to protect?
One question you can ask yourself is whether you could pay off your debts within about three years while maintaining a reasonable standard of living. If the answer is no, then you need to at least think about the possibility of declaring bankruptcy. The law does not obligate you to starve to death (or even to live a penniless life for many years) in order to pay off your debts.
It's true that bankruptcy has long-term consequences and should never be taken lightly. However, depending on your circumstances, bankruptcy can feel like a lifesaver and provide a fresh financial start for you and your family.
Bankruptcy can stop foreclosures and evictions, stop IRS seizures (at least temporarily), and even prevent creditors from harassing you until your case is settled.
A successful bankruptcy case can wipe out your debts completely or at least give you a repayment plan depending on which kind of bankruptcy you file. Bankruptcy cannot, however, do away with alimony or child support (among other financial obligations such as criminal fines).
Nevertheless, bankruptcy should be thoroughly investigated, and you should continue reading articles like these in order to make the best decisions possible for your future.
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