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Personal Bankruptcy

 
 

If you are having problems paying your monthly bills, and cannot seem to get back on track financially, it may be necessary for you to consider personal bankruptcy.

 

However, there are a number of different bankruptcy alternatives that should be considered first.

Filing personal bankruptcy should be your last resort, and should only be considered if all other options have failed, or are not viable options for you and your family.

Filing personal bankruptcy means giving up everything you own (except for property that is considered exempt, such as basic clothing and household goods, and other items depending on where you live), in exchange for the elimination of your unsecured debts.

Personal bankruptcy is different in all areas of the United States and Canada, so we strongly recommend consulting a bankruptcy attorney before proceeding. Your bankruptcy attorney will explain the personal bankruptcy process, and can help you decide whether bankruptcy is the right option for you.

Personal bankruptcy is a very difficult decision. It will get rid of most, if not all, of your debts, but it will also have an effect on your ability to obtain credit in the future.

Before filing for bankruptcy, talk to a credit counselor to ensure that you have examined all of your options.

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