Most people aren’t eager to file bankruptcy, and the decision to file should come only after you have exhausted all other reasonable possibilities. Furthermore, you should file bankruptcy only after talking to a Dallas bankruptcy attorney.
The time to consider bankruptcy is when you are unable to make the minimum payments on your debt. Once you reach this point if you are able to discharge your credit card debt in bankruptcy it makes good sense to do it as soon as possible.
If you still believe you have other options, you may want to get a second opinion from a credit counseling agency or another bankruptcy attorney.
Filing bankruptcy is serious and will have severe implications on your credit report. The same can be said about not filing bankruptcy if you are behind on your bills, your credit report is taking hits every month with late and missed payments.
Reasons to Not File Bankruptcy
If you can afford to pay all your debts and you have a significant amount of money left over after paying your bills, or you are just tired of paying them and want out from under them, you may not qualify for the “means” test for filing Chapter 7 bankruptcy.
You do not want to file bankruptcy since you can lose assets. If you are filing Chapter 7, the liquidation bankruptcy, your assets not protected by exemption laws could be sold by the court-appointed trustee to pay your creditors. Your bankruptcy attorney can advise you if you are at risk of losing some of your possessions.
Or if your debt is mostly student loans or tax debt; these types of debts may not be dischargeable. There are some instances that older taxes may be discharged in bankruptcy and you should talk to your attorney to find out if yours qualifies.
If you have done your best to keep up with your debt, you should be less concerned with if it’s “morally acceptable” to file bankruptcy and more concerned with being able to keep food and shelter for yourself and your family. This is especially true when it comes to credit card debt.
Bankruptcy can help you get back in good financial standing. Allowing you a fresh start and able to live comfortably without worrying if the bill collectors will come after you. Contact a Dallas bankruptcy attorney to see if you can get out from under credit card debt.