Offering professional bankruptcy attorney services, we are accustomed to hearing many of the bankruptcy myths that proliferate in our society. It seems that many people live under the impression that they should file for bankruptcy in order to make all of their problems go away. This naïve assumption could not be more wrong.
Why Bankruptcy Won’t Help
First, it should be stated that you can’t simply “file for bankruptcy” because you have a debt you don’t want to pay or can’t pay. Filing for bankruptcy can be a lengthy process. It almost always requires a bankruptcy attorney and the intervention of the court. It isn’t necessarily the easy way out.
Many people tend to forget that filing for bankruptcy is not a decision that you make on your own. Bankruptcy is a process that must be approved by a court. You may not even qualify for bankruptcy, in which case you are in even more debt because of your bankruptcy attorney fees and court fees.
Before you begin the process, you and your bankruptcy attorney should do plenty of research about your complete financial situation. Knowing how much you earn on a monthly basis, and comparing that figure to the median household figures for families in your same bracket are just the tip of the iceberg.