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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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  • "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. "
  • "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. "
  • "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. "
  • "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. "
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