Many people I come in contact with have one question in mind – should I declare bankruptcy? \u00a0They have worked themselves into a financial mess and they feel the only way out is bankruptcy. \u00a0Little, if any, \u00a0research is done personally on what the process, outcome , or real impact of the bankruptcy would be. \u00a0However, the thought of a clean slate, financially, is so attractive.<\/p>\n
I do not advocate bankruptcy. \u00a0It has been my experience that most people I meet are not bankrupt. \u00a0In most cases people are bankrupt-able, but they are not bankrupt. \u00a0They could work their way out of their situation, but they know it will take time and it will take much effort. \u00a0As a result, the bankruptcy path is the one they choose. \u00a0 Chapter 7 or 13 – which is the best?<\/p>\n
It always puzzles me why people would prefer a chapter 13. \u00a0While the legal protection provided is one aspect to consider, chapter 13 is really an organized debt consolidation\/repayment plan. \u00a0It surprises me when I learn of the chapter 13 filing and likewise find the the filer has never contacted their creditors to see if a structured repayment plan could be agreed to prior to the bankruptcy filing. \u00a0Yes, this is a difficult task – but was it ever sought?<\/p>\n
Bankruptcy is a tool that can be effectively used and we should all be thankful that the option is there. \u00a0But have you explored other options? \u00a0If you could get on a repayment plan that you negotiated with your creditors would it be better than a bankruptcy filing on your family and future?<\/p>\n","protected":false},"excerpt":{"rendered":"
Many people I come in contact with have one question in mind – should I declare bankruptcy? \u00a0They have worked themselves into a financial mess and they feel the only way out is bankruptcy. \u00a0Little, if any, \u00a0research is done personally on what the process, outcome , or real impact of the bankruptcy would be. […]<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23,21,4],"tags":[],"class_list":["post-655","post","type-post","status-publish","format-standard","hentry","category-bankruptcy","category-credit-cards","category-debt"],"yoast_head":"\n