When is the right time to declare bankruptcy? Many studies indicate that the time to seriously consider filing bankruptcy is a long way from the point where most people take the plunge. Since bankruptcy should really be considered only as your option of last resort, why do so many people throw in the financial towel early?
There can be many reasons for this. One is the psychological impact of feeling that you are a failure. But you need to really look at this aspect from multiple perspectives, none of which would indicate that you are a failure at all. Studies of bankruptcy cases over the past years have shown that the vast majority of people who declare bankruptcy do so not because of their own financial mismanagement, but rather from being caught up as a victim of circumstances. Life happens and much of life cannot be predicted, so a major financial catastrophe like an expected job loss or layoff, high unexpected medical bills, a messy divorce, and many other things may have happened to bring you to this state, none of which indicate any type of financial mismanagement on your part.
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Or perhaps it was a bit of financial mismanagement that brought you to the point of starting to declare bankruptcy. Does that mean you are a failure? No, not unless you did not learn anything about what not to do next time. If it was a solid learning experience and you will recognize the mistakes you made last time, you cannot consider it a failure.
Most people throw in the towel early before they have thoroughly investigated all their possible bankruptcy alternatives and options. A big reason for this is the stress that builds up knowing that bills are due, bills are overdue, and you are at the point where you even hate to answer the phone because you don't know if it's your sister calling or yet another creditor who is hounding you about a past due payment. This all builds stress and people just want to get on with their lives.
But understanding this aspect of it, filing bankruptcy is probably the last thing you really want to do unless you really need to, and most people have not looked at their options closely enough. The most commonly overlooked alternative to bankruptcy is debt consolidation service. This is not another loan, which is exactly what you do NOT need at this point, but rather debt consolidation is a service that will take over your bills, negotiate with your creditors, and in almost all cases, will significantly lower the mount of money going out to your creditors every month. For example, if you are paying out $4000 a month right now on your bills, after you are setup with debt consolidation, your monthly layout could be under $2000 a month. Would that extra $2000 per month give you the financial breathing room you need right now so you don't have to declare bankruptcy? In many cases, the answer to that question is a resounding yes.
You need to fully understand where you are at so that you can make an intelligent decision about bankruptcy and to know if it is the right move for you or not. With the recent changes in bankruptcy law, this is no longer the simple process it once was. Although you probably do not want to spend money on a bankruptcy lawyer, you need to consider that that might also be the smartest money you've spent all year, since a qualified bankruptcy attorney can look at your financial situation and offer advice and guidance as far as what options you should consider, or if bankruptcy is really your best option, how to go about the process. You will almost certainly save more than the bankruptcy attorney's fees by getting this sound legal advice and guidance.
A place to start would be with a bankruptcy evaluation to find out where you are at and what options you have. A free bankruptcy evaluation is offered at our web site to help you through this very emotional and frustrating process, and it is a great way to get your head straightened out as far as what your best options are.
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