Should I file bankruptcy?

The answer to this question is truly something only you can decide. Bankruptcy shouldn’t be taken lightly.  However, if your financial situation has become desperate, it may be able to provide you with the “fresh start” you need.

We see people in our offices every day that are good, hard-working people, who have fallen on tough times for one reason or another. There are a number of circumstances that often lead people to financial stress including:

  • Job loss
  • Illnesses that cause reduced income or loss of income
  • Medical bills or unexpected medical expenses
  • Divorce
  • Death of a loved one or spouse

While filing bankruptcy might seem like the easiest way to get yourself out of debt, before you pursue this route, you should understand all your options.  You also need to understand the long term impact on your finances each of these choices will have.

What options are there?

There are two Chapters under the Bankruptcy Code available to individuals with personal debt. Chapter 7 Bankruptcy, which is often referred to as “Straight Bankruptcy” may allow you to discharge, or wipe-out, most, if not all debt. You can learn more specifics about Chapter 7 here.

Chapter 13 Bankruptcy is often called the Wage-Earner’s Plan.  When you file Chapter 13, you be able to pay back a percentage of your debt while paying past due taxes or saving your home from foreclosure.  This is generally done through a court-supervised repayment plan.  You can find more specifics about Chapter 13 here.

Bankruptcy is not the best fit for everyone.  With that said, it is important to speak with a knowledgeable and reputable bankruptcy attorney to review your options. You may be surprised to find that an attorney will recommend options other than bankruptcy. Our goal is to assist you in reviewing all possible options and the consequences so that you can make an informed decision and feel confident with your decision to file bankruptcy or explore alternative solutions.

Get Help Today

Contact our team of experienced legal professionals by filling out the form below.

WHAT PEOPLE ARE SAYING

"I was able to win my SSD case in 5 months due to cancer. We've been struggling to make ends meet due to the high medical costs when I was working, but we wouldn't be able to pay our bills if I didn't win this case. I am very grateful to the paralegal, Allison, who worked very hard with the attorney to get this settled quickly! "

TOM & FAMILY

BUFFALO, NY
LOOKING FOR ANSWERS?
Schedule a Free Case Review