Should I File Bankruptcy

Personal bankruptcy can be frightening. The word "bankruptcy" itself seems threatening. The media tells about the nightmare tales of strong company titans going from rich to bankrupt. The list of the bankrupt runs the spectrum from personal to business, from Donald Trump to Enron.
 
Ask yourself these questions:

• Do you only make minimum payments on your charge cards?
• Are bill collectors calling you?
• Does the idea of sorting out your financial resources frighten you or make you feel out of control?
• Are you using credit cards to finance your necessary expenses?
• Are you thinking about loan/debt consolidation?
• Do you not know just how much you owe?

 
Remember, personal bankruptcy is when the amount you owe exceeds your ability to pay it. So, if you answered ‘yes’ to two or more of those questions, it's time for you look seriously at your financial situation.

Analyze Your Finances
First what assets do you have? List your liquid assets: items like retirement funds, stocks, bonds, real estate, vehicles, any savings accounts, and funds in other non-bank account. Include a ballpark value for each listing.  The amount you can get for each may be lot lower than you think. Total up the value of your assets.
 
Now what do you owe?  List all your recurring expenses. Gather up all of your bills and credit card statements. Total up everything you owe.
 
If the total dollar value of your assets is significantly less than the amount of your debt, then filing for bankruptcy might be a viable solution. But bankruptcy should not be decided casually. It is definitely not a quick and easy way out. Take a look at the pros and cons.​ And then speak to a bankruptcy attorney who understands personal financial situations and issues at our office:  (804) 294-3003.