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Answering The Question "Is Bankruptcy Right For You?"

Bankruptcy is a process that helps thousands of people every single year. Even though bankruptcy is an effective, helpful process, there is still an intense stigma surrounding personal bankruptcy for many who haven’t experienced it or have not had someone close to them experience it.

While this stigma is unfortunate, we understand — debt is stressful, and the public narrative surrounding bankruptcy is misguided, so it makes sense that people might be deterred from trying it. That said, if you’re here, you’ve been wanting to learn more about bankruptcy and whether or not it’s something that is right for you.

The short, oversimplified answer to the question “Is Bankruptcy Right For Me” is yes if you qualify via the bankruptcy means test and no if you don’t. The bankruptcy means test considers your finances in comparison to the median income of your area to determine if you qualify for bankruptcy and which type of bankruptcy you then qualify for (learn more about the means test here).

After you pass the means test, you have to undergo a debt counseling program to ensure that bankruptcy is not only a viable option, but the only option to overcome your debt. Then, once the preliminary work is done, papers get filed with the bankruptcy court, and the legal process officially begins.

The more complex answer is always going to depend on your unique circumstances. Each of us have our own personal financial situations, home lives, assets, and wants that will help you decide whether bankruptcy is right for you. From retaining non-exempt assets to timing bankruptcy to work best with something like divorce, there are so many reasons to file and so many variables that will determine if, how, and when you should go about filing for bankruptcy.

This is by no means meant to deter anyone who is considering bankruptcy, but instead to encourage you to seek professional help when filing bankruptcy. The truth is that even if bankruptcy is the perfect solution for you, without a professional bankruptcy firm on your side, you may not get the most out of the process or be able to navigate it with ease.

At The Cook Law Firm, we have a firm of expert, experienced bankruptcy attorneys who can first and foremost determine if bankruptcy is right for you and which chapter of personal bankruptcy makes the most sense for your situation. Then, after we determine which bankruptcy is right for you, we work alongside you through the whole process to ensure that everything is filled out and filed properly, your interests are advocated for, and that your bankruptcy experience ends with the most desirable outcome!

If you’re interested in learning more general details about which type of bankruptcy is right for you, check out this great resource!

And if you’re looking to get started with either the process or even just having serious conversations about bankruptcy and how it could affect you, be sure to contact our law office today! We’re happy to provide you with a free initial consultation to get you stated.