If you’re considering bankruptcy you likely feel drained, cornered, and left with no other option.
First of all, keep your head up and stay positive. People have been in this situation before and many will come after you. You are going to be okay. Bankruptcy may very well be your best option. However, due to the loss of control and the long-term impact, bankruptcy should be considered as a last resort. You must set emotion aside and get informed before beginning filing for bankruptcy
High-level information and answers to common questions about bankruptcy can be found below. If you are still uncertain if bankruptcy is your best option please reach out to me.
Before we dive in – If you’re looking for help reviewing what other options may be available you click here to schedule a 15-minute call with a financial coach.
There are two main types of personal(non-business related) bankruptcy: Chapter 7 and Chapter 13
What does it mean to reaffirm a debt?
A secured debt (one with an asset backing it like an automobile or home) may be kept through bankruptcy by reaffirming (resigning) for the debt. In a Chapter 13 this means the debt will be included in the payment plan.
If you are still in doubt about what your options are besides bankruptcy and you believe you could benefit from reviewing your situation with a financial coach prior to contacting a bankruptcy attorney you can get started below.