Many people have reservations before deciding to file for bankruptcy. It's common to feel as though filing for bankruptcy counts as an admission of failure, but this is only an illusion. Taking action to file for bankruptcy can be the opposite of this. It is the act of taking action to claim responsibility for your future.
There are many different types of bankruptcy Chapters, each with their advantages and disadvantages. If you are considering filing for Chapter 7 bankruptcy, it is important that you take the time to assess whether it is the right choice for you.
Can you realistically repay your debts using your income?
Those who have a significant or a stable income may not qualify for Chapter 7 bankruptcy. This is because Chapter 7 bankruptcy is exclusively designed for those who cannot realistically pay off their debts without liquidating assets.
Do you want a financial fresh start?
If you file for Chapter 7 bankruptcy, you will need to come to terms with the fact that you may need to liquidate a significant amount of your assets, if you have any. While this is not ideal, it does essentially mean that you can wipe the slate clean and gain a fresh financial start.
Would you like bankruptcy to be finalized quickly?
Chapter 7 bankruptcy is usually finalized within 6 months, which is a huge advantage for many prospective bankruptcy filers.
If you are unsure whether filing for Chapter 7 bankruptcy is the best option for you and your family, it is a good idea to research all of your possible debt relief options.