Even if people educate themselves on bankruptcy and clear up any misconceptions, one question often lingers: "Should I file for bankruptcy?"
Filing for bankruptcy is ultimately a financial decision, and as such, it should be weighed as one. It really comes down to one question:
How long will it take to pay off credit card and other unsecured debt, including accumulating interest?
If the answer is two years or more, you may well be an ideal candidate for bankruptcy. It's ultimately a simple financial calculation — by pursuing bankruptcy you may be able to have all the money that you would have paid out to creditors saved making interest for you. While you are saving, you can also take action that will quickly repair credit in the wake of filing.
If, however, you can knock out your payments in less than two years, that is often a better choice.
In addition, if you have multiple properties and one of your houses is badly underwater, it may be ideal to approach the possibility of lien stripping through bankruptcy to rid yourself of thousands of dollars in obligations.
Likewise, if you are facing a pending lawsuit in the wake of foreclosure, bankruptcy is often by far the ideal decision for discharging tens or hundreds of thousands of dollars in debt.
Nassau County and Eastern District of New York Bankruptcy Attorney
Because I combine more than 20 years of bankruptcy law experience with a commitment to understanding what financial success means to my clients, I'm able to quickly and efficiently assess whether or not bankruptcy is an ideal financial move for you, and work on the best kind of filing to pursue. I encourage you to reach out as soon as possible.
To discuss any aspect of bankruptcy in a free initial consultation with lawyer Scott R. Schneider, call 516-433-1555 or e-mail him here.
I am a federally designated debt relief agency. I help people file for bankruptcy relief under the Bankruptcy Code.
