With all the current problems in the economy, many people are naturally thinking about declaring personal bankruptcy. But is this really the best answer to your financial problems? Well, there isn't a single answer for everyone. So much depends on your own particular set of circumstances, which is why it is very important that you sit down and speak with professionals like financial advisors and bankruptcy attorneys.
There are a number of things you need to consider before making a final decision regarding how to tackle your personal debt. For one thing, you need to look at the total amount of debt that you owe and how long it would take you to pay it off using your current salary and expenses. One rule of thumb is to ask yourself whether you could pay this off within a few years while maintaining a reasonable budget. Here I use the term reasonable to imply that you will need to make some sacrifices, but I don't mean that you need to live in squalor in order to pay off your debts.
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If you can't see yourself taking care of your debts within the next few years, you need to at least consider personal bankruptcy with the help of a good lawyer. It is possible that a bankruptcy lawyer would try to convince you to file Chapter 7 just so he or she can make a commission on your case. However, your lawyer should explain to you why bankruptcy is the best option and should be willing to answer all your questions to help you gain the peace of mind you desperately need.
Of course, there are many myths floating around concerning Chapter 7 bankruptcy, and many people don't even think they would qualify under the new law. In many cases this is not a true. There are some increased requirements such as mandatory personal counseling and a means test which will look at your income and expenses much more closely in order to determine whether you can afford to pay part of your financial obligations. However, most people who would have previously qualified still have a good chance if they follow the advice of a good bankruptcy attorney.
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