Should I File for Bankruptcy?
For anyone who’s currently in a tough financial situation, it’s essential to analyze whether or not bankruptcy is the right solution. You don’t want to jump right in without doing your research, but when the circumstances fit, you likely shouldn’t wait too long either, because financial relief may await. Here, we’ll discuss some of the factors to be considered.
To begin with, many people don’t realize that there are actually viable non-bankruptcy solutions at their disposal. These may include loan modifications and workouts, debt consolidation plans, reorganizing your debt, debt negotiations and settlements, and more.
Even if these are the best option for you, in many instances, it’s still best that you work with an experienced attorney. He or she will know the best way to produce the desired outcomes, and will have the firsthand experience and knowledge needed to confidently navigate the situation. This makes your chances of success far greater than going it alone.
When should you pursue those options versus filing bankruptcy? This comes down to the specifics of your financial circumstances…
- How much relief will one of the aforementioned methods be able to provide for you?
- Beyond debts, are you currently facing any wage garnishments, or are you falling behind enough that you believe you’re a victim of creditor harassment?
- Do you own a home, and is it currently in the foreclosure process?
- What about cars, and other property?
These are just a few of the common questions to consider, and for most people, it’s not as easy as a clear yes or no, black or white, decision. There are advantages and drawbacks to nearly any path taken, so it’s about protecting your own interests as much as possible. Whichever avenue allows you to produce the most favorable outcome comparative to its costs is the right one for you, yet it may not be right for someone else.
If you’re considering bankruptcy as a solution to your financial troubles but you’re unsure if it’s the correct path to take, then call Goren & Tucci to schedule a free consultation at 307.977.4300. We’ll be happy to provide you with more information and go over your options to see what works best.