Filing for bankruptcy may seem like a scary option, but it can help people get out of serious financial hardships. The decision to file for bankruptcy is not an easy one. Before deciding, it can help to meet with a lawyer knowledgeable in bankruptcy law about what your options are. The media has shown us that bankruptcy is something to fear, when in fact, it can get you on a path to secure financial footing for life, when used correctly.
If you aren’t sure whether your situation warrants filing for bankruptcy, consider these questions:
- Are you being constantly harassed by debt collectors?
- Do you use credit cards to pay for living necessities?
- Are you unable to make minimum payments for credit cards?
- Do you not see yourself making more money in the near future?
- Have you thought about a debt consolidation plan?
- Are you not sure how much in total debt you owe?
If one or more of the questions above applies to you, then bankruptcy could be a viable resource. There are two ways you can go about filing for bankruptcy. The common route is to voluntarily file, and the other is when creditors request that the court order someone to have a bankruptcy status for their amount of unpaid debts.
Depending on your situation, you may qualify to operate under one of the bankruptcy chapters, including:
- Chapter 7
- Chapter 9
- Chapter 11
- Chapter 12
- Chapter 13
- Chapter 15
As our bankruptcy lawyer friends from Pioletti, Pioletti & Nichols can empathize with, the thought of filing for bankruptcy may be daunting. But for those who are willing to work through their fears, a profound financial resource may be available at their fingertips.