Sometimes things just don't turn out in business as you would wish them to. We don't plan to fail but sometimes it happens. Bankruptcy is a last resort - but you may need to consider it.
Bankruptcy is a very serious ordeal, not something to be thought about lightly. If you are considering filing for bankruptcy, there are a few things you should evaluate first, before you do.
The first thing to consider is your eligibility for Chapter 7 protection. If eligible, it will take a majority of your debt away. The guidelines can be strict, but if you are sincerely in need of such protection, this isn’t out of reach.
Secondly, you need to rethink your alternatives. Filing for bankruptcy can harm your credit drastically- make sure there is no other way out. You can try debt consolidation, or talking to your creditors yourself. If it doesn’t seem like things are working, then it’s time to consider your losses.
What kinds of debts can you relieve yourself of? Child support payments or student loans aren’t eligible for bankruptcy. Bankruptcy is more for credit, which is often the problem in itself.
If you still think bankruptcy is the only option, make sure you get an experienced attorney to help you through the ordeal. More bills, but an attorney will make sure the process is conducted correctly. Often, there are strict guidelines and restrictions you should be aware of. Bankruptcy isn’t something you should go through alone.
Whatever the outcome, there is always a place to turn to for help - online, on the telephone or in the main street. Use them.
http://www.content.onlypunjab.com/Article/Is-Bankruptcy-Right-For-You-/4200320092003352392
