If you’re considering filing for bankruptcy, you probably have more than a few questions. The bankruptcy process can be difficult and confusing, so it is important to fully understand what bankruptcy looks like before you file.
To help you develop a better understanding of what it means to file for bankruptcy, we’ve answered a few of your most frequently asked questions.
What is bankruptcy?
If you find that you’re drowning in debt and unable to pay your bills, filing for bankruptcy can help you get a fresh start financially. By filing for bankruptcy, you can get help from the court to eliminate some of your debts, helping you get back on your feet. Filing for bankruptcy will also get creditors off your back, allowing you to catch a much-needed breath.
Who should file for bankruptcy?
Filing for bankruptcy should not be done lightly. Bankruptcy is usually viewed as a last resort, so you’ll want to weigh all your other options first before making your decision. However, if you’re unable to find another alternative for getting out of debt, bankruptcy may be right for you.
How can bankruptcy help me?
If you’re facing your car or home being taken away or your wages being garnished, filing for bankruptcy can force creditors to stop coming after you. Filing for bankruptcy can also help you discharge some of your debts, giving you a financial break so you can get back on your feet.
What won’t bankruptcy do for me?
Bankruptcy should not be viewed as a means to get free items or discharge bills you don’t want to pay. Filing for bankruptcy can have long-term consequences to your credit score and borrowing abilities, meaning a bankruptcy filing is not easily ignored or wiped away. Additionally, filing for bankruptcy will not erase all your expenses. If you owe child support, alimony, or have secured loans, bankruptcy cannot help.
If you are considering filing for bankruptcy, you want to work with an expert attorney. To help you understand whether or not filing is right for you, contact the legal team at Michael F. Kanzer & Associates.