Wednesday, May 17, 2023

Thinking of Filing Bankruptcy: Questions You Should Ask

 Are you thinking of filing bankruptcy.  Many people think they need to file bankruptcy based on things their non attorney friends tell them, or things they have heard in the media.  Bankruptcy is a very important decision, and should not be made without competent counseling and research.

To assist you in educating yourself as to whether bankruptcy is a remedy you should pursue, here are a list of questions and topics for your consideration. 

Initial questions

  • What is bankruptcy?
  • Why might someone file for bankruptcy?
  • Why might someone NOT file for bankruptcy? 
  • What are the alternative to filing for bankruptcy?

What are the types of bankruptcy for individuals?

  • Chapter 7 bankruptcy
  • Chapter 13 bankruptcy
  • Chapter 11 bankruptcy
  • Chapter 12 bankruptcy

The bankruptcy process

  • What happens when you file for bankruptcy?
  • What are the benefits of bankruptcy?
  • What are the drawbacks of bankruptcy?
  • What are the financial considerations?
  • What are the personal considerations?
  • What are the latest developments related to bankruptcy?

Filing for bankruptcy

  • How to choose the right type of bankruptcy
  • How to prepare for bankruptcy
  • How to file for bankruptcy

Professionals

  • Should you hire an attorney?
  • What does the attorney include?
  • What does the attorney exclude?
  • Other questions for the attorney?

After Bankruptcy 

  • How to rebuild your credit after bankruptcy

Conclusion

  • What happens after you file for bankruptcy?
  • Should you file for bankruptcy?

This is is not intended to be an exhaustive or comprehensive list.  This is simply intended to give you initial guidance towards a logical decision making process related to bankruptcy.

Should you have any questions about bankruptcy, you should contact a competent bankruptcy attorney in your area.

J. Dinkins G. Grange, Esquire