Filing for bankruptcy isn't an easy emotional decision, but lots of people may look at it as a clean break from financial ruin. For some, it's true - filing for bankruptcy is a good move. For others, it's simply not necessary.
Take this short quiz. If you answer YES to any of these questions then bankruptcy isn't your best option:
Is your sole income derived from Social Security? Social Security is largely exempt from the reach of your creditors. If you file for bankruptcy you get protection that you're already getting. Do you owe less than $5,000 in total? Factoring in the costs of a bankruptcy lawyer, filing fees and other charges it just doesn't make sense to file for bankruptcy with such a small debt load. Sure, the costs of getting through the process are less than $5,000 - but at some level it just isn't worth it. Are you planning on leaving the United States and never coming back? Most countries do not have debt extradition. In other words, debts in the U.S. stay in the U.S. Are your debts primarily from corporate tax obligations (such as payroll taxes from a business), student loans or marital obligations? These debts can't be wiped out in bankruptcy, so filing won't help you much. Do you own significant property that you can't protect in bankruptcy? You may want to think twice about filing for bankruptcy if you will be forced to surrender ownership of enough property that your creditors would be paid in full anyway. If that's the case, sell it yourself and get the best possible price - then use the proceeds to pay creditors. Is your financial downturn temporary? Sometimes you go through hiccups in your money situation. If it's going to clear up in a short period of time and you'll be able to catch up on your bills, you should consider doing that instead of filing for bankruptcy.
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