bryan

It is a common concern for those who are having severe financial difficulty - can I even afford to file bankruptcy?

Bankruptcy is a powerful option for individuals and businesses to achieve financial relief. However, it can be quite complex.

The following situations may be seen as early warning signs that could lead to bankruptcy, or may suggest that bankruptcy is the right move for you.

Credit card debt is one of the most dangerous aspects of people's financial situation. High-interest rates and revolving balances can quickly spiral out of control and become unmanageable. While credit card debt is not the only factor in deciding to file bankruptcy, it often plays a major role.

If you’re planning a bankruptcy in the future, the timing and type of the bankruptcy may prevent the need to surrender your car. Depending on if you choose to file Chapter 13 or Chapter 7, you may be able to delay repossession or avoid it altogether. 

After you have filed for bankruptcy - especially in a difficult job market - you may decide that starting your business is the right move for you.

A reaffirmation agreement is a voluntary document that allows a debtor to opt to pay all or part of a debt, typically discharged in the bankruptcy case.

It is entirely possible to have a successful and comfortable life after Chapter 13 bankruptcy, but you should seek professional advice to make sure that all your bases are covered.

Bankruptcy proceedings can be stressful for an individual even without a health crisis, but the virus complicates everything these days.