When bankruptcy becomes a “real” option in your mind, there are questions you need to answer. Doing so will allow you to learn more about the process, assess your situation, and help you make a final decision.
There are a variety of questions to answer before deciding in favor of bankruptcy. These include but are not limited to;
- What are the benefits of filing for bankruptcy?
- What are the drawbacks of filing for bankruptcy?
- What type of bankruptcy filing is best for me? Chapter 7? Chapter 13?
- What is the process for getting started?
- How long does it take for the bankruptcy process to come to an end?
- Will I lose some or all of my property along the way?
- Is your spouse onboard with this idea?
- Have you considered other options, such as debt consolidation?
- Are you okay with the idea that bankruptcy will damage your credit?
- Will you file on your own or hire a bankruptcy attorney to guide you from beginning to end?
These questions, among others, can help you better understand the ins and outs of bankruptcy. The answers will also give you a clear idea of what will happen if you decide to file.
There is a lot that goes into a bankruptcy filing, and you need to know exactly what will happen every step of the way.
Some questions are more important than others, but anything weighing on your mind is worth addressing without delay.
Do you have questions you are unable to answer? Do you need the assistance of a professional? If you answered yes to either question, don’t hesitate to contact us. We are able to provide you with the assistance and advice you require.