The decision of whether to file for bankruptcy protection or not is difficult and personal but it should be made with an understanding of the process and the ramifications. Armed with the requisite knowledge, you can be assured that you have weighed all of the available options and made the best decision for you and your family.
Before contemplation of which Chapter to file, the most important consideration is what do you need to achieve in filing a case:
- Do you have assets that you are looking to retain?
- Are those assets subject to an ongoing indebtedness?
- Are you current on repayment of that indebtedness?
- Are there non-bankruptcy solutions to resolve the delinquency, such as loss mitigation or debt consolidation?
- Is there equity in those assets that may or may not be exempt under applicable state or Federal Law?
- Are your primary debts of the type that can be discharged?
The answers to these questions can assist in making the determination of both whether to file a Bankruptcy and which Chapter can help you attain your stated goals. While filing a Bankruptcy case is the last resort, speaking to a reputable and knowledgeable attorney can help to make the best decision. At LoBue Law, we work to educate you and provide you with the pros and cons of filing or not filing at all. Contact us today for a free consultation to evaluate your options and assist you with a Bankruptcy filing if you choose to proceed.