With the dire situation of the economy today, where almost everybody and almost every industry is strapped for cash, as well as the record levels of unemployment, many consumers and businesses are finding it necessary to file for bankruptcy. This is the type of decision that most people put off until the last possible minute because of the old stigma that bankruptcy means you have failed miserably, and by human nature, people have a tremendous dislike for having to admit failure.
The first thing you need to do is to get over the failure aspect. Bankruptcy does not mean you have failed. To make a real go of things, both from a business perspective as well as from a family finance perspective, the entire situation is not within your control. There are a wide variety of circumstances that come into play, most of which you have zero control over.
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The time to consider bankruptcy as a possible option is not when you are facing dozens of judgments from creditors and your phone is ringing off the hook with harassing phone calls from creditors. Rather, it is long before that time so that if you really do need to file for bankruptcy, you already have your ducks lined up and know what to expect, and even more, are familiar with the procedure. Even more than that, you already know that bankruptcy is your only viable option at this financial point in your life.
But is it really? If you are not intimately familiar with the financial industry and bankruptcy laws, there may be financial options you do not even know about that may allow you to avoid bankruptcy.
The only real way to find out is to get a bankruptcy evaluation. This is done by a qualified bankruptcy lawyer who will examine your financial situation and be able to advise you as to what your options are, and if bankruptcy is the answer, what you can expect to happen. They will be able to tell you which chapter of bankruptcy you will qualify for, since with the changes in bankruptcy laws, the chapter you file for is no longer your choice. They will be able to look at your financial obligations and let you know which debts, if any, are not eligible for dismissal, since there are certain types of debt that cannot be wiped out by any chapter of bankruptcy.
There are several financial tools that may be available to you, almost all of which can be a much better option that bankruptcy with its long-term negative impact on your credit report for the next 7-10 years. If you have made financial mistakes in the past, do not make yet another financial mistake by not looking at the options you have, which would be discussed and presented at your bankruptcy evaluation session.
Get a bankruptcy evaluation today so that you can make a real determination as to what your options are and which is the best direction for you to go. You may not be aware of other options available to you, and you do not want to declare bankruptcy if you have other viable alternatives you can utilize.
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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