When evaluating your personal debt, bankruptcy always comes to mind particularly if you are without a job and with no possibility of paying your bills. The stress of the daily phone calls from collectors and the letters from creditors barely let you sleep. Now these days the situation has become so precarious that people cannot even pay their rent. People have impending foreclosures, lawsuits, medical bills and bills in general. In deciding whether or not to file for bankruptcy ask yourself:
1) Will bankruptcy improve my situation?
2) What are my plans for the future?
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Sometimes when people do not have employment, have large amount of debt and do not health insurance Bankruptcy might not be the best choice. That is why it is important to ask yourselves whether bankruptcy will improve your situation. In a case of a person without income and no assets to protect the fresh start that bankruptcy gives you will be worthless since you will be at the same position you started. Sometimes it is better to wait until your economic situation gets better before thinking of filing for bankruptcy. This is specially important for people with chronic illnesses that need constant medical care.
Chapter 7 Bankruptcy may clear must of your debts. Depending in which state you live in you may be able to keep some of your personal property such as furniture to a certain amount. To file for Chapter 7 Bankruptcy you will have to take two classes; one of Credit Counseling (before filing) and another one of Financial Management (after filing). Under the new bankruptcy law, people have to pass a means test to determine whether the person can make payments to his/her creditors. The standards of the means test are different in each State. You must consult your legal professional for this information. Another difference under the new law that benefits the debtor is that you can ask for a fee waiver, or make a payment plan for the application fee. Remember not everyone qualifies for this benefit your attorney should tell you about this option.
If you are considering filing for bankruptcy, consult your legal professional. Your legal professional will tell you the best option for you and will advise you as to your rights. Make sure you explain all your situation, including your lack of employment, health insurance, future medical procedures, legal claims, inheritance, etc. Remember you pay your attorney to protect your interest and therefore full disclosure is essential.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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