There are 3 reasons not to file bankruptcy and there are many reasons to file bankruptcy. With so many people getting buried in debt these days and falling further and further behind on their bills, bankruptcy is a subject that seems to come up all the time. Knowing when bankruptcy is right for you and your family is a tough decision to make and requires some serious thought and expert bankruptcy advice from a bankruptcy attorney.
In order to help you make the right decision for you and your family, you need to start by limiting the wrong reasons for filing bankruptcy. Even though it’s a real option for helping people get out of financial distress too many people are overly concerned about their credit score or read false information on the internet or listen to friends or family rather than seek the advice from a bankruptcy lawyer.
Here are 3 reasons not to file bankruptcy:
- You are worried about your debts even though you can probably pay them off comfortably. In many cases, you should be able to pay your debts within a few years if you consistently make small monthly payments. If your total debt is small enough that you can pay this off fairly comfortably, bankruptcy is probably not for you. However, if you cannot reasonably afford the monthly payments or if you are cutting back on necessities then you have a reason for filing bankruptcy or consider filing for bankruptcy.
- You’re trying to get rid of debt that will not be eliminated by bankruptcy. Many people make the wrong assumption that all of their debts will be wiped out by bankruptcy. It’s true that much, if not most, of your financial obligations can be eliminated. This can be a lifesaver and help you have a financial fresh start. Some debt will not be wiped out by bankruptcy such as student loans, child support, taxes, and criminal fines. If these sorts of debts are the main reason for your financial problems, bankruptcy may not help you much unless you consider a chapter 13 bankruptcy to restructure the debt. The Massachusetts bankruptcy court is there to help you and protect your rights.
- You’re being harassed by debt collectors even though you do not owe the debt. Creditors do make mistakes and they probably do so much more often than you think. If you believe that a bill was sent to you by mistake, you should definitely fight it. Perhaps you have already made payment but it was not credited to your account, or maybe you’re the victim of identity theft, which is becoming more and more common or it is possible that the creditor simply has the wrong person with the same or similar name.
There are certainly many situations in which bankruptcy is the best decision you could make. However, you need to examine your own situation and learn as much as possible about bankruptcy to see if it is your best option. Again, it is always best to get advice from a qualified and experienced bankruptcy attorney and do not rely on advice from family, friends or the internet.
Get the facts about bankruptcy and get control of your debt. Learn more about filing for bankruptcy by calling us today at 508-678-4000 or contacting us at our website. The consultation is always free and we are always available to answer your questions.