Should You File for Bankruptcy?

“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.