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When Should I Consider Filing Bankruptcy?


What I tell clients is that when individuals come to me and they want to file for bankruptcy, there are a number of things they have to consider. The first thing I have clients do is pull a copy of their credit report so that we can see the debts that are outstanding, we can see judgments, and we can see who's coming after them for collections. The other thing to consider is what are your financial goals? What do you want to do? Do you want to discharge all your debt and start off clean? Do you want to try to repay some of your debt and restore your faith and good will with the creditors that you owe money to? These are questions that have to be answered by all consumers.

It's not often an easy task. Sometimes it takes several meetings to get those answers but the important thing is you have to understand your financial status and where you want to go with that. Not all financial debt is dis-chargeable so you have to understand what kind of debt you have. Some debt like student loans cannot be discharged, federal tax liens like I mentioned before cannot be discharged, and child support obligations cannot be discharged. If all your debt consists of debt in those categories, bankruptcy is probably not the right option, so it requires a case by case analysis with the individual to determine whether bankruptcy filing is the proper choice. If you have any questions regarding bankruptcy, contact our skilled Nassau County Bankruptcy Lawyers today for a free confidential consultation.

This informational blog post was brought to you by Robert Vadnais, an experienced Nassau County Bankruptcy Lawyer.

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