Is filing for personal bankruptcy right for you?

November 27, 2014

Being in serious debt can be extremely stressful, but there is a way out. Personal bankruptcy may be a good option for you.

Is filing for personal bankruptcy right for you?

Being in debt can be difficult for you and your family. You have bills to pay and money to pay back, and there’s no easy solution in sight.

  • But when the future’s looking grim and it doesn’t seem like you have any good options, there’s always the option of filing for personal bankruptcy.

What is bankruptcy?

Personal bankruptcy is an official process where you essentially give all your money to a trustee so your debts are eliminated.

  • It’s a last resort for individuals who are majorly in debt, and see no reasonable way to pay back the money they owe.

Should I file for bankruptcy?

Every situation is unique, so there’s no clear answer to this question.

  • The best thing to do is look at all the options and strategies available to you, and compare them. You may have negative feelings associated with filing for bankruptcy, but don’t rule it out automatically.
  • There are some definite advantages to filing bankruptcy.
  • It’s a smart idea to familiarize yourself with these advantages so you can make a more informed decision as to whether bankruptcy is right for you.

Three key advantages of filing for bankruptcy

1. You get instant protection from your creditors.

  • This will save you from spending time in court. Plus, if your account has been “frozen” by a creditor, it will be released.

2. There are certain rules you need to follow (which have been set by the government and the courts), and if you follow these rules, it will only be a matter of months before you are discharged from your bankruptcy. This is only the case if it is your first bankruptcy.

3. You’ll feel like a weight has been lifted from your shoulders. All that worrying you've been doing and stress you have been feeling because of your financial situation will essentially go away.

  • Many people even say that they feel empowered when they file for bankruptcy.

Seek out reliable advice if you’re unclear about what to do

Financial and legal issues are not always simple to understand, so it’s a good idea to get counselling and support from knowledgeable professionals whom you can trust.

  • You can often find organizations that will offer free, confidential consultations or advice.

Getting your life back on track

A healthy way to see personal bankruptcy is to think of it as a step that will allow you to move on with your life.

In short, you’re making a decision to take back control of your life, and build your way back up.

The material on this website is provided for entertainment, informational and educational purposes only and should never act as a substitute to the advice of an applicable professional. Use of this website is subject to our terms of use and privacy policy.
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