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When is bankruptcy the best possible option?

| May 15, 2020 | Firm News

Bankruptcy is probably not something that you ever envisioned yourself partaking in. You may feel ashamed to be even considering bankruptcy because you might hold negative associations with it. It’s common for people to think poorly of bankruptcy, but the truth is that it’s a service that can help people out of extremely difficult times. Bankruptcy is a financial lifeline that can help families and those who have experienced a financial crisis build a new life for themselves.

You should be proud that you are considering bankruptcy because it means that you are taking positive steps forward, and attempting to find solutions to your problems. Bankruptcy is a great choice in some circumstances, but it is not always the best possible choice. That’s why you should consider many different options before deciding how to move forward. The following is an overview of situations in which bankruptcy is likely to be the best possible option.

When you have a low income and low assets

If you do not have large assets, for example, a house, and you have a low income or are unemployed, you may be able to benefit from Chapter 7 bankruptcy. Having a very low income will mean that you are unable to pay off the debts that you have accumulated. Chapter 7 bankruptcy will use the assets you have to pay off your debts, and it’s likely that the remaining debts will be written off.

When you have debts that you cannot keep up with

If you have a high amount of debts that you cannot keep up with, Chapter 13 bankruptcy may be able to help you. This filing will help you to reorganize your debts over a longer period of time, thereby enabling you to use your disposable income to pay them off.

When you have unexpected medical expenses that you cannot afford

Those who do not have adequate insurance for an unexpected medical issue may find that they are suddenly overwhelmed with huge medical bills that they are unable to pay. In many situations, Chapter 7 bankruptcy helps these debtors to clear their debts.

Financial difficulties can put a huge strain on families. No-one should have to worry about their financial future. For many, filing for bankruptcy allows them to gain a fresh financial start.

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