Filing for bankruptcy is a big decision that many of our clients wait too long to make. If you are struggling with debt, you should sit down and do a budget. If your budget is breakeven or negative, then bankruptcy is something worth considering Before pulling money out of a 401K or selling off your assets, you will want to determine if that will solve the problem. Oftentimes, the problem isn’t solved, and you are delaying the inevitable. Additionally, it could put you in a worse position if you choose to file bankruptcy in the future because you may have been able to protect those assets you liquidated, and your 401K would have been completely protected.
Many bankruptcy attorneys – like my firm – provide a free consultation. Going over your information with an attorney can provide valuable insight and it likely will only cost you your time. Bankruptcy may not be the solution to resolve your debt issues but it is one worth considering.
At the law offices of Andersen, Ellis & Shephard, we have represented thousands of individuals in consumer bankruptcy filings.