Filing for Bankruptcy in 2016: Yes or No?

With the calendar ready to turn, now is the time to look towards the future. For many, this means a big decision: is now the right time to file for bankruptcy?

Once the new year arrives, you should make sure your finances are in good order. It may not be something you look forward to, but a bankruptcy filing could finally help you get back on track.

If you are on the fence as to whether or not you should file for bankruptcy in 2016, there are a few questions you can answer to clear the air. These include but are not limited to:

  • What are the benefits of a bankruptcy filing for somebody in your position?
  • Are you eligible for both Chapter 7 and Chapter 13? If so, which one is best?
  • Are there alternatives that make more sense at the present time?
  • Are you prepared to deal with both the good and bad that comes along with filing for bankruptcy?
  • How long will it take for the process to reach its end?

These are the types of questions that can help you better understand the finer details of a bankruptcy filing, including whether or not 2016 is the best time for you to consider this option.

For example, you need to consider all alternatives before you file. Maybe debt consolidation is right for you. Or maybe you can opt for a short sale, which allows you to improve your living situation and avoid losing your home to foreclosure.

Now is the time to decide if you want to file for bankruptcy in the new year. It’s not always easy to make a final decision, so don’t rush yourself.

Do you need help answering key questions? Are you finding it difficult to decide what to do next? If so, contact us. We can help you better understand your situation.