Deciding whether or not to file bankruptcy is a difficult decision for a person to make. Filing bankruptcy not only affects your credit, it can affect your reputation and even your self-esteem. Before you decide to move forward there are some things to consider.

First, you need to find out if you are eligible to file for bankruptcy. Each type of bankruptcy has certain requirements that individuals must meet. As an example, you may find that you are unable to file for a Chapter 7 bankruptcy because you are making too much money and have too high of an income to wipe out your debts, but you may be able to repay those debts through a Chapter 13 bankruptcy. On the other hand, you may want to repay your debts, but your income may not be high enough for you to successfully meet a repayment plan. In that case, you may find that it is better to file a Chapter 7 bankruptcy.

Second, it is important to realize that there are certain types of debts that a bankruptcy won’t erase no matter why type of bankruptcy you wish to file. You cannot wipe out debts, such as alimony, child support or (some types of) tax debts. If these are the types of debts you are hoping to get rid of, filing a bankruptcy won’t do any good since there is no bankruptcy protection by filing and you will still have to pay them.

Finally, realize that even if bankruptcy does not fit your situation, there are potentially other options available to you. We can help you determine what type of debt relief will best align with your goals and help you seek ways to get back on solid financial footing.