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Is bankruptcy my best option?

If this is a question you have been asking yourself, chances are that you are not in a good place financially and you may be starting to panic. The first thing that you should do is take a deep breath and then exhale slowly; help is available.

Now, to answer your question: Bankruptcy can be the best option for some but not all of Americans who are facing financial difficulties. According to the American Bankruptcy Institute, bankruptcy may be a good option for people who are in one of the following situations:

  1. You have had your wages garnished or bank accounts frozen.
  2. Most of your debts are in unsecured loans such as credit cards or medical bills.
  3. You have debt collectors calling you.
  4. You have a lawsuit filed against you by a creditor.

If you are not in one of these situations but are still facing serious financial trouble, you should know that there are several bankruptcy alternatives that you may want to consider such as a mortgage modification, debt settlement or, if you live in Wisconsin, Chapter 128 reorganization.

The best way to determine if bankruptcy is the best option in your case is by meeting with an experienced bankruptcy lawyer who can help you weigh all of your options.

If you decide to pursue bankruptcy, your attorney can help guide you through the complex legal process, which can be risky to navigate alone. Your attorney can also advise you on matters such as when to file since timing is important for many filers.

Hopefully, you are now breathing a little easier knowing more about bankruptcy and the next steps to take. Remember that help is available and there is a solution to your debt problem.

Source: CreditCards.com, “5 tips for those considering bankruptcy,” Connie Prater, accessed Dec. 17, 2014

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