Barron & Barron, LLP Plano Bankruptcy Attorney

Bankruptcy Basics: When Should You Throw in the Towel?

Bankruptcy is a very scary proposition. Although scary, bankruptcy for many individuals can provide a huge relief and a way out of debt and a fresh financial start. Whether or not you think filing a bankruptcy is in your best interest depends on an allotment factors and your individual circumstances as well. One of the main things to consider if you are thinking about filing for bankruptcy is which one is right for you, whether it be Chapter 7 or Chapter 13 bankruptcy (the two most common) or another form of bankruptcy .

It’s a good idea to assess your options before deciding if your going to file for a bankruptcy. First thing to do before you file your bankruptcy case, is to think about the types of debt you have and the overall outcome you want to achieve by filing for your bankruptcy. A bankruptcy discharge doesn’t eliminate all types of debt . This basically means that filing for bankruptcy may not always be in your best interest based on your personal situation if all you want to do is wipe out debts that might not be able to be discharged in bankruptcy.

Factors to consider when filing for bankruptcy:

  • Type of debts you owe
  • Income and expenses

  • Do you own any nonexempt property

  • What are you trying to achieve by filing for bankruptcy.

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