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Is Bankruptcy Your Best Debt Relief Option?

Bankruptcy exists for the purpose of helping those people who truly need debt relief. Understanding when bankruptcy is the best option involves a careful look at the individual's financial circumstances and alternate options.

In order to apply for bankruptcy, credit counseling is required. This accredited counselor is used to assess the individual's financial situation as well as give them an overview of their debt relief options. Considering and weighing the options other than bankruptcy is important. Options to consider could include taking out a second mortgage, home equity credit line, or debt settlement. These different options are important to discuss with the credit counselor and whether these options will work depend fully on the individual situation.

Another factor which is telling in whether one should apply for bankruptcy is if the individual's debt exceeds the fair market value of all assets. This situation is known as being insolvent and this is not easily changed. If the individual does not own that much property, has a low credit score, and are frustrated with frequent collection calls and notices, these can also be indications that bankruptcy is the best option.

If an individual fits into these categories, then bankruptcy may be the best option for them. However, each individual situation is unique and it can be useful to consult with a bankruptcy attorney in order to understand whether an individual is fit to file for chapter 7 or chapter 13 bankruptcy.

Works Cited

Muniz, Katherine. "How to Know When Bankruptcy Is Your Best Option." Daily Finance. Investor Center, 26 Jan. 2014. Web.

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  • "When I first came to the decision to file for bankruptcy, I had no idea where to start. I began researching attorneys on the internet and came across the information for Tim Sierra. Since he specialized in bankruptcy and had a lot of experience......"
  • The process of going through bankruptcy could be very overwhelming but Tim made me feel at ease and I felt that my needs were being taken care of. I truly feel that he had my best interests in mind and the lines of communication were always open....
  • "I had to file a Chapter 7 bankruptcy. I didn't know anyone who could refer someone so I took a chance and just looked on the Internet. I don't remember exactly why I chose Mr. Sierra, but I am glad I did..."
  • He was honest, straightforward, and hard-working. In my case I ended up with some extenuating circumstances and he handled the matter professionally even though I'm sure the work probably exceeded what he originally felt it would be....
  • I don't ever write reviews, and I had no prior relationship with Mr. Sierra. This review is simply being written as a service to others that Mr. Sierra is an excellent attorney and should be considered for your needs if you need one....
  • "I'm very happy to have been referred to Tim for my Chapter 7 filing. He was knowledgeable in his field and very responsive in replying to any questions or concerns I had. Tim was also very accommodating with meeting times..."
  • " I recently was in need of Mr. Sierra's services and I found him to be very understanding and helpful in my particular circumstance. He met with me and explained everything in full detail and also answered every question that I had....."
  • " I recommend Timothy Sierra a loyal and dependable lawyer. When you talk to him you feel that you are with a friend or a member of your family. Timothy is able to lead you in every step of the process. Good job Timothy."
  • " Bankruptcy is a private and personally devastating life event. Timothy Sierra and his assistant, Nancy, made the process as painless as possible. They kept in close contact via phone and email so I always knew what was happening in my case...."
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