When To Choose Bankruptcy

For many people, debt burdens become overwhelming and it may feel like options are running out. While bankruptcy is a valuable tool for providing debt relief, it isn't necessarily for everyone. In general, it is a good idea to review all your debt relief options, but there are a few reasons when bankruptcy should be considered quickly with the help of an experienced bankruptcy attorney.

Foreclosure or Repossession

One of the immediate advantages to the bankruptcy process is the ability to halt collections and threats of asset liquidation. If your home or car is at risk from being seized by lenders, filing for bankruptcy can provide swift action to protect these assets while you work on resolving your missed payments. The quick nature of the automatic stay protection is especially important in nonjudicial foreclosure states, where a lender can initiate and complete the process in as little as 30 days from the time of a single missed payment. Further, the bankruptcy process may be able to provide a wider range of options for resolving your missed payments through a Chapter 13 repayment plan, or a principal debt reduction in a Chapter 7 filing.

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Marriage or Divorce

Matters of money and debt become hot issues both in a marriage or a divorce. If you are carrying a large debt burden that is pressuring your ability to maintain payments, it may be a good idea to have them resolved before walking down the aisle towards marriage. Large individually held debts can be better resolved before you put a potential spouse in harm's way of liability. For a creditor, they see spouses as alternative sources of liability in a marriage and could attempt to collect on your debt through your spouse. Divorce is another issue that can complicate money matters, especially debts. If you split liability over debt burdens in your divorce decree, you essentially agree to be equally liable for the debt. If one spouse files for bankruptcy, the non-filing ex-spouse may be held solely liable in the eyes of creditors. Therefore, resolving debt burdens in bankruptcy before a divorce, or specifying sole debt liability in the divorce decree can better protect each member down the road.

Increasing Debt Burdens

It isn't uncommon for people to turn to multiple sources of credit to fund everyday expenses when finances become tight. Losing a job, a primary household support or even experiencing medical issues that threaten one's ability to work can all make it difficult to maintain an adequate balance in finances. However, borrowing money from one line of credit to pay another is a slippery slope, and one that could mean additional measures are necessary to regain control over your financial future.

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