When To File For Bankruptcy Protection, How Do I Know If I Need Bankruptcy?

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When To File For Bankruptcy Protection, How Do I Know If I Need Bankruptcy?

Hands down - the biggest hesitation I see clients face is trying to decide is bankruptcy is the right option for them. If it wasn't such a serious topic - it might actually be humorous! I have some people coming in ready to file ASAP, with paperwork and payment in hand. The only problem? They are comfortably current and "above-water" on all their secured debts, they have no unsecured debt, their only debts are non-dischargeable, etc.

On the other end of the spectrum, I have clients that come in kicking and screaming....they DON'T WANT TO FILE. Now, I will never pressure someone in a direction they are not comfortable with - but some of these people come in with hundreds of thousands of dollars in unsecured debt, garnishments and judgments, facing foreclosure, etc.

So, to help clarify my thoughts on when to consider filing for bankruptcy, I have created a fancy diagram.

LOADING PDF: If there are any problems, click here to download the file.


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.

© Christopher Ariano, Ariano and Reppucci PLLC | Attorney Advertising

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