Vance P. Truman, Attorney at Law
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Bankruptcy benefits: Why you need to consider bankruptcy now

Many people don't want to turn to bankruptcy out of the fear that it could make them look bad to others. They feel ashamed. Some don't want to turn to bankruptcy believing that they'll lose everything.

Since there are so many myths about bankruptcy, it's easy to get confused about its real purpose. The reality is that bankruptcy is designed to help people like yourself who are in a difficult financial position. The goal is never to take everything from a person. Instead, the process helps eliminate debt by selling assets not excluded from the process.

When do you know it's the right time to turn to bankruptcy?

You'll know it's the right time to file for bankruptcy if you're having to pay a credit card with another or if you have interest rates increasing because of missed payments. If you put your necessities onto a credit card without paying them each month, this is also a sign that your finances aren't under control.

While the above is bad, it doesn't necessarily mean it's time to go into bankruptcy unless you've already run out of other options. For instance, if you can get back on track in a month or two, pushing through the hard times is probably worth it. If taking on a second job or changing jobs helps, then do so and see if there are positive changes. If not, bankruptcy is still there as a possibility.

There are alternatives to bankruptcy you may want to try first, such as consolidating your debts into one payment, making a new budget and cutting out unnecessary expenses, and negotiating with your credit card lenders and other creditors directly. Sometimes, discussing your situation with your lender does enough to help you through a hard time until you can get back on track.

Bankruptcy doesn't have to be the negative force that the media makes it out to be. In fact, between the alternatives to bankruptcy and bankruptcy itself, people actually have many ways to get out of debt and to get back on track without losing everything they've worked so hard to achieve.

It's not unusual for people to fall on hard times, and the government and businesses understand that. By working through the alternatives and deciding if bankruptcy is right for you, you'll find that there are more options than you may think right now. There is a possibility of getting out of debt and a resolution for your situation.

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