Should You File Bankruptcy?
Do you have less than $500 per month left after you pay your normal living expenses (rent, car payment, food, clothing, insurance and utilities)?
Do your debts mainly consist of credit cards, medical bills, repossessions, and/or wage garnishments?
Have you recently lost your job, or had a decrease in your normal income due to medical or personal problems?
Have you recently divorced or separated from your spouse and the debts are too much for you to handle?
If you possess many assets with higher cash values — I strongly urge you to seek the advice of a bankruptcy attorney in your area. (Check your local phone directory and call each one until you locate an attorney that specializes in bankruptcy law; preferably one that does nothing except debtor bankruptcy.)
The reason for this is because if you have a large amount of money in assets (items you own free and clear), you may be asked to have those items appraised and a portion of that money paid by you to satisfy some of the creditors you owe money to. In a situation like that, a good bankruptcy attorney can help you to protect more of your assets.
Filing bankruptcy is also an emotional decision. Having to deal with creditors calls while you are recuperating from an illness, or dealing with a job loss is hard, and often intimidating. Creditors would have you believe that most people who file bankruptcy do it just to get out of paying their creditors, but that's not at all true. The majority of people who file bankruptcy have had either a job loss, major medical problem or are going through a divorce that has seriously effected their income. If you are having medical problems because of your mounting debts, you should seriously consider filing bankruptcy.