Should I File For Bankruptcy?

This is a personal decision, greatly influenced by the amount of serious debt and your ability to meet the original payments or pay the full amount. Being hassled by creditors when you are broke is nerve-wracking for starters. Secondly, the decision to file should not be made solely to stop demanding creditors. Though filing temporarily stops creditors from engaging in out-and-out enforcement lawsuits, creditors can apply for "relief from stay" and then continue their collection efforts.

Depending on your circumstances, bankruptcy may or may not make sense for you. If after the bankruptcy you will be no better off than you were before, why do it?

Further, the critically important date of filing often determines whether or not certain debts will be discharged. (This is to keep people from rushing out to buy a boat, and then declaring bankruptcy the next day). The decision as to when to file a bankruptcy petition should be based upon the facts of the individual circumstances.

Be aware that you must divulge complete financial information in a bankruptcy petition. Compiling a complete list of debts and creditors is absolutely critical to the bankruptcy process. If you inadvertently omit listing a debt, it may or may not be wiped out, depending on your circumstances. A bankruptcy attorney will help ensure that you are following the appropriate form and content of the filing.

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