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Is Bankruptcy Right for You?
Filing bankruptcy is a personal decision which should be based on your specific circumstances. While all factors must be considered, your decision to file should be greatly influenced by the amount of debt you owe and your ability to repay it in the near future. A bankruptcy attorney can help you evaluate your options.
Threats of garnishment, foreclosure, repossession, and general creditor harassment all may lead you to seek out additional bankruptcy information. You may also consider filing bankruptcy to provide relief from emotional distress or depression that is commonly related to debt. Even in a scenario where you could eventually repay all your debts, you still may choose to file bankruptcy so you can apply your future income towards your long-term goals.
The bankruptcy laws have recently changed, but filing bankruptcy still provides solutions for a variety of financial difficulties. Filing bankruptcy remains a legal right for the vast majority of Americans. In fact, recent studies show that approximately 80% of past filers would still qualify to eliminate the same debts under the new bankruptcy laws.
Bankruptcy HQ’s nationwide network of local bankruptcy lawyers and attorneys has agreed to review your budget and finances to help determine if bankruptcy is right for you. Simply complete request a free, no-obligation consultation with a bankruptcy lawyer in your area.
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How Common Are Bankruptcies?
In the first quarter of 2012, the states with the highest number of bankruptcy filings per capita were Tennessee, Nevada, Georgia, Alabama and California.
Per the United States Bankruptcy Court, over 1.4 million bankruptcies were filed in 2011.
An anticipated 1 million individuals and married couples are anticipated to file Chapter 7 bankruptcy in 2012.
|You'll never be able to get credit again after filing bankruptcy.||Often it's easier to obtain credit after a bankruptcy.|
|Only low-income families file for bankruptcy||Individuals with all different income levels file for bankruptcy|
|The court will sell my house, car, and furniture if I file bankruptcy||The vast majority of bankruptcies result in "no asset" findings and filers are able to keep all of their possessions|