SHOULD I PETITION FOR BANKRUPTCY? HOW DO I
KNOW WHEN I SHOULD DO SO?
This is a personal decision, greatly
influenced by the amount of serious debt and
your ability to meet the original payments
or pay the full amount. Being hassled by creditors
when you are broke is nerve-wracking for starters.
Secondly, the decision to petition should
not be made solely to stop demanding creditors.
Though presenting a petition to Court temporarily
stops creditors from engaging in out-and-out
enforcement lawsuits, creditors can apply
for relief from stay and then continue their
collection efforts.
Depending on your circumstances, bankruptcy
may or may not make sense for you. If after
the bankruptcy you will be no better off than
you were before, why do it?
The decision as to when to petition for a
Bankruptcy Petition should be based upon the
facts of the individual circumstances.
Be aware that you must divulge complete financial
information in a bankruptcy petition. Compiling
a complete list of debts and creditors is
important for the bankruptcy process.
A bankruptcy lawyer will help ensure that
you are following the appropriate form and
content of the petition. |
