Should I File Bankruptcy?

Should I file bankruptcy? That was a tough question for me. One of the main factors that led me to file for bankruptcy was being hassled by creditors.

The telephone rang so often, each and every day and each and every evening, that my nerves were shattered. I did not want to answer the telephone. When I was broke and could not even afford to buy groceries and then to also have to be hassled by creditors was beyond what I could handle. It was kind of like rubbing salt into the wound.

I kept asking myself, "Should I file bankruptcy?" -"Shouldn't I file". It is a big decision to make and I was afraid to make the wrong choice. I did not want my credit permantaly damaged (it wasn't) and I still wanted to be able to get loans, if I should ever need to (I was able to get loans). I'm sure you are asking the same questions and you are looking for relief. It will come.

Also know that the decision to file bankruptcy should not be made just to stop those nasty phone calls. Filing bankruptcy does temporarily stop creditors from harassing you. Keep in mind that secured creditors can apply for "relief from the stay" and then continue their efforts to repossess or foreclose. There are also certain kinds of debts like student loans, alimony and support obligations and debts incurred through fraud that will probably not be discharged in bankruptcy.

One other thing to keep in mind is the new 2005 bankruptcy law that passed. It makes it a little more difficult to file, so read up on the law and see if it fits for you. One of the major differences with the law change is the need for counseling. You will need to go through credit counseling, which will also help you to decide what is right for you. You can find a court appointed counseling firm at the United States Department of Justice.

Most importantly, if you are seriously considering filing, consult with an attorney. There are many good bankruptcy attorneys who will consult with you and help you to decide the proper course of action based on your situation. If you don't have an attorney, check out Pre-Paid Legal Services. They may give you the confidence you need to make a decision. After looking at all possibilities, this should be your personal decision based on what you believe will be best for you and your family.

Bankruptcy Checklist
Do Any of These Apply To You?

1. Your wages have been garnished or your bank account has been attached
   

2. Most of your debts are unsecured debts like credit card bills, hospital or doctor’s bills, etc.
   

3. Your total debt, not including your a car or house loan, is more than you could pay, even over five or more years
   

4. Creditors are calling you at home and/or at work
   

5. Your payments are more than 30 days behind on more than one bill
   

6. There are lawsuits pending against you
   

7. You have high medical bills not covered by insurance
   

8. You have few assets
   

9. You have little or no savings
   

10. You have had property repossessed (such as a vehicle)
    
    "Should I file bankruptcy, or shouldn't I?" That question can only be answered by you. Again, please get your questions answered and consult with an attorney before making your final decision.

    Are you ready for a clean slate? Are you ready to prosper? What will you need to do to be able to move on and see the abundance that is already in your life?
    
    
    
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