The choice to file for bankruptcy is not an easy one to come to. Most people recognize the long term hit on their credit that a bankruptcy filing will have and make every effort to pay their debts accordingly. Unfortunately as evidence by the recent economic downfall there are matters that affect the ability to pay debts that are out of the average person's control. With recent record job losses in a stale economy followed by a record number of foreclosures many people have found themselves in the unprecedented position of having more debt than income and no hope of any immediate change in status.
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These facts won't stop the unrelenting calls from bill collectors or letters from collection agencies from coming though. If you cringe every time the phone rings and dread getting the mail you probably already know your options are limited. It isn't going to go away or stop just because you ignore collection efforts.
Bankruptcy may be the only viable option to have a fresh start and rebuild your credit back up. Look at it this way, if your debts are going unpaid, the interest rate is piling up which means the debt is getting bigger and with no realistic change in your income the likelihood that you are protecting your credit by not filing bankruptcy is just wishful thinking.
Since bankruptcy is such a complex subject you cannot do it alone. Bankruptcy falls under the jurisdiction of the Federal courts, not the local or state courts and the rules and regulations that guide the process are complex. For example the courts now require that anyone filing bankruptcy receive credit counseling within 180 days of filing and the certification to verify this requirement goes in the court filing papers.
You will also need to show income, assets, debt and expenses. The courts will examine everything closely to see if your assets can be liquidated to pay off the debts and if you have assets a debt payment plan will have to be worked out to pay all the debtors something, if not the whole debt. Anything not included such as hidden assets will generally be found by the due diligence of the court. It is also vital that all debts be listed or they will not be included on the discharge so having a bankruptcy attorney walk you through the process can ensure it is done correctly.
Because the laws are so complex and chapter 7, chapter 11 and chapter 13 all have their own rules and regulations it is best to have a bankruptcy attorney who specializes in it help you decide if bankruptcy is a good option for you and which type is the best fit for your own personal needs. Bankruptcy is definitely not something you should attempt to do alone.
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