When bankruptcy is not an option

Bankruptcy options

When bankruptcy is not an option

I am a bankruptcy lawyer.  Bankruptcy is what I focus on daily.  So you might think it strange that I would write on the topic of when bankruptcy is not an option.  Believe it or not I tell many of the people I meet with in any given month not to file bankruptcy.  I think any good bankruptcy lawyer out there, that has been in practice for a time, would do the same thing.  You see bankruptcy is a very powerful tool that can help in a number of financial situations but there are sometimes you should stay away from bankruptcy.

For example someone with large amounts of equity in a piece or real estate my rick loosing that real estate if they file certain kinds of bankruptcy.  Many time people are sitting on a large asset but have limited access to cash – the problem might call for something short of bankruptcy like debt management or obtaining short term financing to work through the tough times.  Attorneys that have been in the practice for some time know people in your community that my be able to help you do a work out of your debts and avoid a bankruptcy in which you could loose most if not all that you have.  As readers of this blog understand I taut consulting with experienced bankruptcy attorneys to get an in depth analysis of you situation.  Some time you might need to pay a few dollars to get this advice but I can assure you in the long run this will be money well spent.

When bankruptcy is not an option.  Bankruptcy is a powerful tool for dealing with debts, but it’s not right for everyone. You should ask a few basic questions before you decide to pursue bankruptcy such as what assets are at risk of being lost if yuo file bankruptcy and what debts will be eliminated if you file for bankruptcy.  For example if most of your debt is student loan debt or tax debt bankruptcy may not give you relief you are seeking.  So again know all your options before you submit the case to the court for filing.

 

 

 

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