Bankruptcy allows eligible people to be relieved of their obligation to repay certain debts. Bankruptcy can provide a way out from overwhelming medical bills and credit card debt. But it is not a free ride out of debt.
How do you determine if bankruptcy is the right option for you? Deciding to file bankruptcy is a very difficult decision. The first thing you need to analyze is whether you have other viable options. Has the debt become so large that you cannot pay it off? Has the debt created so much stress in your life that it is unmanageable? A credit counselor can help you answer those questions.
If you are already wondering if bankruptcy might be the right option for you, then the best way to start is to meet with a credit counselor. Anyone filing for bankruptcy now is required to receive credit counseling. Meeting with a counselor will help you get a clear picture of your financial situation and to explore whether bankruptcy is the best choice for you. You are not obligated to file bankruptcy if you meet with a counselor.
To learn more, click here to go to “Bankruptcy Basics” on this website.