Should I File Bankruptcy

“Should I file bankruptcy” has been the question on the lips of every other American borrower, it seems, during this woeful and ever darkening recession, but, unfortunately, the answers to that question aren’t so easily formulated in the aftermath of recent chances to the United States Bankruptcy Code. Asking an experienced attorney “should I file bankruptcy?” could quickly cost the curious consumer thousands of dollars for an explanation that even then may confuse (lawyers rarely feel questions as simple as “should I file bankruptcy?” deserve a yes or no answer and they are, remember, paid by the billable hour). Unless the ordinary citizen has a background in financial law and governmental regulations, however, the complexities of the bankruptcy system may unfairly scare away borrowers perfectly suited to discharge of obligations through Chapter 7 protection or unnaturally tempt borrowers who should not by any means file bankruptcy because of one reason or another.

Instead, borrowers who clearly need to do something about their spiraling consumer debt loads but have reservations about the Chapter 7 or Chapter 13 bankruptcy programs should be well advised to begin a serious investigation of all of the different debt support agencies and programs and find what other professionals in the field think about a given borrower’s chances for successfully filing for bankruptcy protection. One must take such recommendations with a grain of salt, of course. No consumer credit counseling company flack or debt consolidation mortgage loan officer eyeing his commission would ever suggest a potential customer should file bankruptcy petitions regardless of their true estimation of the household’s odds for achievement through bankruptcy protection. Presuming the slightest opening for equity in the borrower’s property, debt consolidation loan officers – Consumer Credit Counseling representatives, since they’ll take absolutely anyone with an unsecured loan and sometimes even charge the creditors if the debtors have insufficient funds for administrative expenses, tell out and out lies about the bankruptcy process – rarely meet the question “should I file bankruptcy” with anything more than a resounding no.

Debt settlement negotiation firms, on the other hand, much as their officers should also be expected to highlight the virtues of their own program above bankruptcy, recognize that not every consumer would qualify for the settlement negotiation approach and so offer a greater perspective. Settlement negotiation (which, when successful, can reduce borrowers’ credit card bills by two thirds without undue stress to credit reports) depends upon the consumer’s ability to repay the remaining balances within five years while also convincing the lenders that, should the credit card accounts not be cut, the borrowers would have no choice but to consider Chapter 7 debt elimination bankruptcy. In effect, settlement negotiators will force the lenders to wonder if the consumers in question should file bankruptcy papers.

There’s some importance paid to the specific identity of the largest lenders, but, mostly, the settlement negotiation analysts will be studying the likelihood of their prospective clients satisfying their remaining obligations and often must sadly explain to hopeful applicants that they should indeed file bankruptcy paperwork at the earliest opportunity. It’s not quite so easy as just calling up a debt settlement negotiation professional and asking “should I file bankruptcy?”, but, with free consultations available twenty four hours a day from website based companies, it’s not tremendously more difficult. Explain a bit about your income, your debt, your credit history, ask if you should file for bankruptcy, and most settlement specialists will be able to give as trustworthy and knowledgeable an answer as consumers could hope to find.

The decision to reach out for help with your debt is not one that's easy to make. You were raised to "do the right thing", but now it’s nearly unbearable. You struggle along while your creditors are turning up the heat. And now you’re at the point where the late fees, penalties and interest expense make it impossible to keep your head above water.

Ask yourself this. If you could eliminate your debt without permanently damaging your credit, why wouldn't you?

Avoid Bankruptcy

Debt Relief

Bankruptcy is not your only option! Our goal is to help you determine the right course of action for you to take. We will connect you with a debt settlement company today that will help you avoid filing for bankruptcy protection.

Are your finances spiraling out of control? Get the information you need today to stop harassing creditor’s phone calls. Total Debt Relief provides a matching service to connect you with pre-screened Debt Settlement Professionals. These debt management pros will educate you on all of the options available to you to get out of debt. Total Debt Relief helps you make the most informed decision possible so that you can get your financial life back on track.