If you are facing financial difficulties in this economic recession, it may be time to consider filing for bankruptcy. Bankruptcy filing is a way to eliminate debt and get a fresh start worth considering. In 2010, 110,304 Floridians filed for bankruptcy, placing Florida in 13th spot in the country for per capita bankruptcy filings.
On the flip side, bankruptcy does have its long-term repercussions like a black mark on your credit score. So it might not be the panacea for all financial ills for everyone. If you are considering filing for bankruptcy, here are a few pointers to help you decide if this is a suitable move for you.
Firstly, review if your debts exceed (or are starting to exceed) your assets. If so, then you should seriously consider filing for bankruptcy. However, it also depends on what type of debts you have. If you have debts that cannot be wiped out by bankruptcy, then it’s pointless filing for bankruptcy. One such example is a student loan. But on the other hand, there are other debts that are particularly suited for bankruptcy to deal with, such as credit card loans or medical bills. At times, high credit card debts make it virtually impossible for you to catch up with your payments without filing for bankruptcy.
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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
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