“Should I file
for bankruptcy?” It’s a common question many are asking themselves,
especially in these tough times. However, the answer can only be answered by
the person who is thinking about filing
for bankruptcy protection. Bankruptcy was designed to protect individuals
and business from their creditors and discharge eligible debts, and after this
discharge is entered by the court, the parties can go on without being burdened
by debt and lead a productive life. Essentially, bankruptcy is able to provide
one with a fresh start.
So, should you file for bankruptcy? First, you’ll need to
weigh the positives and the negatives, and then make the soundest financial
decision. When it comes to overburdening debt that has you thinking of filing
for bankruptcy, there are no easy answers. You should meet with a bankruptcy attorney to discuss your
income, expenses and assets to determine the best course of action, whether
it’s Chapter 7 bankruptcy, Chapter 13 bankruptcy or not
filing at all. Each option comes with its own sets of rules: Chapter 7 is to
completely discharge all your debts, while Chapter 13 reorganizes them to make
it easier to pay them down.
At the end of the day, the decision for file for bankruptcy
is a personal one that must be made by the filer, and should not be taken
lightly. How the party goes about the process depends on income, expenses and
assets, and these are all different, which is why it’s important one seeks the
advice of a competent bankruptcy
lawyer.
Need to get in touch with a bankruptcy attorney in Brooklyn? Contact
the experts at Kanzer & Associates
by visiting www.KanzerLaw.com.
