Should I declare bankruptcy?
If you are asking yourself “Should I declare bankruptcy?” then you have probably already made your own self-diagnosis that your finances are so badly damaged that no other form of debt relief is possible. If you’re asking the question – it already suggests the answer. If you’re asking if you need to file bankruptcy the odds are that you do.
However, it’s not a question that you really are qualified to answer yourself. You need an expert to help you identify all of your options, review the pros and cons, and then help you select and implement the best solution.
Warning. Beware of counselors who only offer one option.
If you’re thinking about filing bankruptcy, you are probably in a very emotional and vulnerable state. You feel overwhelmed and helpless, and are probably susceptible to anyone who claims they can help you. I regularly have people come to me after being sold a debt management program that they never should have been in the first place. I see them after much damage has been done. They were “suckered” into paying for the wrong option, because that’s all they were told about.
You see, you have several options. Everyone does. Most people have more options than they are aware of. The only sensible to solve your problem is to identify all of your options, compare the pros and cons of each, and select the right one. Unfortunately, it’s really hard to do since credit counselors typically will advocate credit counseling as an option, debt management programs all tell you that debt management programs will solve your problems, and bankruptcy attorneys frequently only recommend bankruptcy. None of these counselors are typically able to compare their proposed solution with others because they’re not trained and certified in all options.
To overcome this limitation and help you figure out what to do, I, as a board certified bankruptcy specialist, went back to school to become a certified credit counselor and certified debt arbitrator. The training and certification in multiple debt relief options lets me help you to review the pros and cons of all your options so you can pick the best one. In fact, about 30% of the people who come to me thinking that they need to declare bankruptcy are pleasantly surprised when I tell them that there is a better option or one that will work at least as well as bankruptcy, so that a bankruptcy can be avoided. In other situations, a multi-step approach is needed. Everyone’s situation is different.