Is there a time when bankruptcy is the best option? When you are faced with bills and collectors screaming to get paid you might start to wonder what are your options. As I see it you have a few different choices dealing with debt:

bk options
To file or not to file bankruptcy – the choice is yours

One, you could just pay the debt and be done with it. I honestly think that most people would choose this option 90% of the time if they had the money to do it. The problem is you are usually facing a debt because you don’t have sufficient funds to meet your obligations. Lets be honest if you don’t have the money this option is not going to work.

Two, you can just put you head in the sand and do nothing. In the short term this is easy and everyone can do easy but eventually (usually sooner that you think) your are going to have to face the debt again. Another problem with trying to ignore the debt you can make the problem worse and loose even more ground on trying to eliminate the debt. By ignoring the problem you can open yourself and family up to lawsuits, lose of property and face wage garnishments – not to mention you start to come off as a flake when you try and hide from creditors.

Three, you can try and negotiate with your creditors and come up with some kind of a payment plan. This has the potential to work if you have the ability to make the payments required to satisfy the creditors. You will need to be focused and smart as you work out a deal to pay off your debt. The downside to this option is if you cant meet the payment amount you agree upon and then the creditor come after you once again.

Finally, bankruptcy might be an option. I always recommend that my clients consider all these other options before we even talk about bankruptcy. Bankruptcy is good and bad. For many people it can be life changing and for others it can be a worst choice they could ever make. The fact that you are on this site learning about bankruptcy says you are doing the diligent thing and finding out your options. I also suggest you meet with a few attorneys and find out answers to you questions.

The misconception out there is that bankruptcy lawyers want you to file bankruptcy so of course they will tell you it is your best option. Most of the bankruptcy lawyers I know will tell you not to file bankruptcy if there is a better choice. In fact more than 20% of the people I talk with each month I tell them not to file bankruptcy. So do yourself a favor come in for a FREE visit and let us help you make some good decisions about your financial future.

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