Finance & Investment Articles - What Does A Bankruptcy Evaluation Do For You?


by Jon Arnold - Date: 2009-06-19 - Word Count: 572 Share This!

With the serious state of the economy nowadays, where almost everybody and virtually every industry is pressed for money, as well as the high levels of unemployment, many consumers and businesses are finding it to be a real possibility to file for bankruptcy. This is the kind of decision that most individuals postpone until the last possible minute due to the old perception that bankruptcy means you have failed miserably, and by human nature, people have a huge dislike for having to admit failure.

The first thing you need to do is to get over the failure perspective. Bankruptcy does not mean you have failed. To make a proper go of things, both from a business view as well as from a family finance perspective, the entire situation is not inside your control. There are a huge variety of circumstances that come into play, most of which you have zero control over.

The point to consider bankruptcy as a potential option is not when you are facing dozens of judgments from creditors and your phone is ringing constantly with hassling phone calls from creditors. Rather, it is way before that point so that if you really do need to file for bankruptcy, you already have your ducks lined up and know what to expect, and still more, are familiar with the procedure. Still more than that, you already know that bankruptcy is your only viable alternative at this financial point in your life.

But is it really? If you are not extremely knowledgeable with the financial industry and bankruptcy laws, there may be financial options you do not even know about that may allow you to avoid bankruptcy.

The only real way to find out is to obtain a bankruptcy evaluation. This is done by a qualified bankruptcy lawyer who will study your financial situation and be able to advise you as to what your choices are, and if bankruptcy is the result, what you can anticipate to happen. They will be able to inform you which chapter of bankruptcy you may qualify for, since with the changes in bankruptcy laws, the chapter you file for is no longer your decision. They will be able to look at your financial obligations and inform you which debts, if any, are not eligible for liquidation, since there are particular types of debt that cannot be eliminated by any chapter of bankruptcy.

There are various financial tools that may be available to you, almost all of which can be a significantly better option than bankruptcy with its long-term negative impact on your credit report for the next seven to ten years. If you have made financial errors in the past, do not make yet another financial error by not considering the options you have, which would be talked about and presented at your bankruptcy evaluation meeting.

Get a bankruptcy evaluation now so that you can make a practical determination as to what your choices are and which is the best direction for you to go. You might not be aware of other choices open to you, and you do not want to declare bankruptcy if you have other feasible alternatives you can apply.

For more insights and additional information about what you can find out from a Bankruptcy Evaluation as well as getting a free bankruptcy evaluation from a qualified bankruptcy lawyer who is local to you, please visit our web site at http://www.bankruptcy-data.com


Related Tags: bankruptcy law, bankruptcy lawyer, file bankruptcy, bankruptcy evaluation, declare bankruptcy

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