Six Questions To Ask Yourself Before Choosing Bankruptcy
How do I know whether or not I should file for bankruptcy? Should I file for bankruptcy or try to pay off my debts? How do I know if bankruptcy is right for me?
These are questions we hear often at our bankruptcy offices in Missouri and Illinois. More than anything else, our clients want to know that they are making the right decision when it comes to Chapter 7 and Chapter13 bankruptcy. However, the true answer is that you have to come to the answer yourself. Only you know whether or not bankruptcy is the right choice for you. Of course, we can help you find the answer by providing you with some of our own questions. Look below and answer the following questions honestly, either alone or with your partner and family. Do the answers help you better understand which path to take when it comes to filing for bankruptcy?
• Do we have the ability to pay off our debts in a reasonable number of years – without drastically changing our quality of life?
• Is our mental, emotional, or physical health being negatively affected by our debts, our debt collectors, and the stress associated with our debts?
• Will we be able to work hard to improve our credit, reestablish ourselves financially, and stay away from collecting debt after we file for bankruptcy?
• Will we be able to live with a damaged credit score for at least several years after our bankruptcy? How different is our current credit score from our predicted post-bankruptcy credit score?
• Do we have the types of debt that will be discharged in bankruptcy? How will we benefit from the bankruptcy?
• Will we lose property, assets, or other possessions in bankruptcy? Is that worth the fresh start we would get?
If you have trouble answering any of these questions, or if you have questions about the type of debt you have or the type of bankruptcy you should file for, call us today.
Castle Law helps honest, hard working families obtain the debt relief they need through a Chapter 7 or Chapter 13 Bankruptcy in Missouri and Illinois. We have helped over 30,000 clients deal with debt and financial difficulties such as stopping foreclosures, repossessions and wage garnishments by seeking federal bankruptcy relief over the past 16 years. At Castle Law Office, we fight for your right to relief. Call today at 314-344-0800.
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