Is Bankruptcy Right For Me The 6 Million Dollar Question?

If you asking yourself  ‘ is bankruptcy right for me ‘? then you are obviously in a difficult position at the moment. Anyone who is going through financial problems at the moment especially in this economy will not be finding it easy. Rest assured if you can, that you are not the only one, but are part of an ever growing group worldwide of people who are in the same situation. So as you sit and desperately try and think of ways out of the situation you find yourself in, so do millions of others.

The only person that can really answer this question is you. But it is very important to remember that there is a lot of help out there available to help you make this very difficult decision. There is also a lot of free help if you just know how to get it. So first things first and lets start at the beginning and take you through this step by step.

Is Bankruptcy Right For Me Step 1

If you have not already done so you need to get out a pen and paper and write down every penny you owe and to whom you owe it to.

Then you write down which of your creditors you are in arrears to if any, and by how much.

Next write down all your monthly outgoings, every single thing that you pay out for each and every month, right down to newspapers and those sneaky coffees. Then go back over this list and tick all the things that you really have to pay for like mortgage, bills, utilities, food i.e. the necessities and add those up.

Finally make a list of all incoming money (this is usually the shortest list).

Now you will have a clear picture of your financial situation which means you can move on to

Is Bankruptcy Right For Me Step 2.

From here you will be trying to not only decide whether or not bankruptcy is right for you, but what type of bankruptcy would suit you and your financial situation. There are different types. Very simply put Chapter 7 will wipe out all your debts and Chapter 13 will actually be a court and creditor approved repayment plan which will extend over several years.

Which one you qualify for will depend on your financial situation as seen in the lists you have made above. Now it’s time to get some help. When going through financial difficulties you can feel very stressed, anxious and vulnerable and it can be difficult to make good objective decisions about what to do. This is only natural. It is probably the most difficult time of your life and the decisions you make now will have a long lasting impact on your future. It is critical that you do the right thing for you and your family, if they are involved.

This is where a bankruptcy attorney can help. No, you don’t NEED a bankruptcy attorney, BUT you can use one to get some free help and advice. Did you know that almost every bankruptcy attorney or lawyer will offer a free consultation session? This will be a short session of maybe 30 minutes to 1 hour, usually over the phone, where they listen to your situation and give you some instant free advice on the way forward. In this time they will usually be able to give you an idea of whether declaring bankruptcy IS right for you. It may not be. If it is, they will also be able to advise on which bankruptcy is right for you.

So pick up the phone and speak to one of the bankruptcy specialists. You can even speak to a couple of them. Make a few different calls if you need to. This advice is worth its weight in gold, and its free. Bankruptcy attorneys are happy to give free advice, after all if you do ever consider using a bankruptcy specialist then it may be that you choose them, so they consider it a good investment of their time.

Another great free resource to check out is the law schools in your area. Are there any? And if so do any of them have a free clinic? It’s always worth a call as many of them do offer free legal services which gives their students good hands on experience.

If you follow the steps and advice given above you should be able to answer that haunting question ‘is bankruptcy right for me?’ but if you still have doubts then you need to get more advice. Be aware that friends, family, colleagues, every man and his dog will have advice for you, and will recount their own experiences or the experiences of their friends and family, but none of this is professional and expert advice that is exactly tailored to your very own unique situation. Do your own research and get your own qualified advice.

Remember the only person that can really answer ‘is bankruptcy right for me ‘ is YOU?