Should I Delay Bankruptcy?

The bankruptcy process comes with many decisions, some of which are not easy. Although it is a wonderful tool of debt relief, it isn't necessarily the best choice for everyone. If you are considering filing for bankruptcy, consider a few things before you file your case.

Important Considerations

First, ask yourself if you are truly financially insolvent. In other words, are you unable to meet your debt obligations to one or more creditors? Have you missed a payment because you do not have the funds to cover the costs of making a payment? Answering "Yes" to these questions could be an indication you are financially insolvent and should seek advice about your debts. If you don't feel you fit this category and are confident you can catch up on missed payments quickly, bankruptcy may not be for you.

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Next, evaluate the status of your assets. Do you have any secured assets that could beat risk of repossession or foreclosure if you default on your payments? Have you already received a notification of repossession or foreclosure? Answering "Yes" is a strong indicator that you should consider bankruptcy, which can halt any impending, or currently, active liquidation proceeding. Answering "No" to either of these questions may mean that you can resolve your debts outside of bankruptcy, such as directly with your lender.

Also, take a look at your latest financial history. Have you paid off any debts in the last six months? Have you accumulated new debts within the last 3 months? Has your income level increased in the last few months? Answering "Yes" to these questions could mean you should hold off on filing for a few months. Why? Because changes to your debts, assets or income immediately preceding a filing could influence whether you are eligible for bankruptcy or be viewed as suspicious. Answering "No" to these questions is a green light to move onto the last consideration.

Last, make sure you have reviewed all of your options. There are many ways to resolve debts, such as through credit negotiations, debt consolidation and debt settlement. It is important that you consider the risks and benefits of each of these solutions against your financial situation before pursuing bankruptcy. If you have yet to consider any of these options, do so before you file for bankruptcy. Consulting with a bankruptcy attorney can help you determine whether bankruptcy is the best option for your situation.

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