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What you need to know before you file for bankruptcy

The title of the source document for this post is not entirely accurate. While some of the issues discussed by the writer might not be told to you when you file for bankruptcy, in reality, most bankruptcy attorneys are going to tell you these things.

Because when you file for bankruptcy, you want to have all the information you can, so that you can make a truly informed decision whether filing is the correct solution to your financial problems. If you attorney is not explaining these topics during your preliminary talks before you file, you may need to find another bankruptcy attorney.

You need to know, warts and all, how a bankruptcy filing is going to affect your economic affairs, because it is permanent. And you want that. You want your discharge of debts to be permanent, and that once the bankruptcy court issues your discharge, you have the peace of mind to know that you will never be held responsible for those debts.

It is not a trivial activity. Many people in Wisconsin are forced into bankruptcy by job loss or medical issues that snowball, leaving them with debts piling up while at the same time they are unable to earn income. Others may be facing the stark reality of a divorce and a great number of new expenses, yet have no greater or even less resources to handle them than before the end of their marriage.

If you have simply become overwhelmed by your expenses, no matter the reason, you need to discuss with your attorney if bankruptcy is the right solution. topics such as, if now is the best time to file, how much it will cost, if it will help you keep your car or home, and as significant, does it make economic sense to keep your home, are all best answered by an attorney after examining your situation.

Bankruptcy can be an important part of your recovering you financial health, but it is not the only part, and you need to make an informed decision based on specific advice relevant to your economic circumstance.

Source: forbes.com, "What Your Lawyers Don't Tell You About Bankruptcy," Neale Godfrey, August 16, 2015

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