IS BANKRUPTCY A WISE DECISION?

The decision to file a personal bankruptcy, Chapter 7 or Chapter 13, can be an emotionally difficult decision to make for many individuals.  Sometimes these emotions can make it difficult to accurately assess your financial picture.  If you are facing a financial dilemma, it is a good idea to consult with someone skilled in evaluating your finances and obtain advice.  The answer to a financial problem can vary from reducing spending, to increasing income, to selling assets, and finally to reorganizing or liquidating in bankruptcy. 

Filing bankruptcy should always be your last good option.  Unfortunately, good people will make bad decisions when trying to avoid this last good option.  Bankruptcy attorneys see people regularly who have made bad decisions regarding their finances in the hope of avoiding bankruptcy.  These bad decisions always make matters worse.  Some of these bad decisions include:

• Borrowing from retirement funds
• Borrowing money from a business, family, or friends
• Misappropriating money, kiting checks, or other illegal activities
• Borrowing from payday loan companies, taking cash advances from credit cards
• Selling assets that may be protected from creditors

It is true that desperate people do desperate things.  When things get desperate, it is time to consult with an experienced bankruptcy attorney and discover how the bankruptcy process can help you and your family.  Bankruptcy is a legal process that is authorized by the Constitution of the United States.  Its laws are drafted by Congress and a federal bankruptcy judge oversees your case along with a trustee appointed by the Department of Justice.

One goal of the bankruptcy process is to return the debtor to financial health by relieving the burdens of overwhelming debt, and giving individuals a fresh start.  The great majority of debtors never file bankruptcy again, and rebuild their financial lives by making good decisions after the bankruptcy discharge.  For these people, a Chapter 7 or Chapter 13 bankruptcy provides a second chance.

If you need a second chance and a fresh financial start, speak with an experienced bankruptcy attorney and discuss your options.  Make wise decisions about your personal finances.  The bankruptcy laws help over a million families get a new financial beginning each year, and it can help you too!