It is difficult to determine whether a bankruptcy is the right path. Many consumers are confused by what they have heard from friends or family, or what they have read online. An attorney can help decide whether a bankruptcy would help.
The following are some factors that consumers and attorneys consider:
1) Can you afford to pay your debts without a bankruptcy?
2) Do you have valuable assets (exceeding the exemptions) that could
be lost in a Chapter 7 bankruptcy?3) Would bankruptcy provide relief from creditor harassment?
4) Would a repayment plan be feasible or affordable in a Chapter 13?
5) Are there lawsuits, foreclosures or garnishments that a
bankruptcy would stop?