Vance P. Truman, Attorney at Law
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Decide if bankruptcy is right for you

Bankruptcy almost seems like a dirty word to some people, but the truth is that it's a helpful way to get out of debt if you're truly in over your head and have no way to pay back what you owe. Bankruptcy is designed as a way to help you eliminate unsecured debts and to cure debts for items you want to continue to own, such as your home.

That being said, bankruptcy isn't for everyone, and there are some people who will benefit from other debt relief methods, such as taking on another job, consolidating debts and focusing on better budgeting. Bankruptcy should be your final go-to, not the first thing that you consider.

Is bankruptcy right for you?

To determine if bankruptcy is right for you, you need to have a full understanding of your debts, expenses and income. If your income is more than what you owe each month, bankruptcy doesn't need to be an option for you. You may be able to negotiate lower payments on certain debts or to pay down what you owe over time, avoiding the credit damage that bankruptcy may cause.

If your income is below what you owe, you've tried negotiating with creditors, you've tried to consolidate your debts and you've found that nothing you're doing is helping, then you might want to speak with your attorney about bankruptcy.

Certain debts aren't eliminated in bankruptcy (in most cases), so you may find that bankruptcy won't help much. For example, if you're struggling because of high student loans, the reality is that you're probably not going to get those discharged in bankruptcy. On the other hand, an unsecured personal loan could be discharged, helping you get out of debt.

What do you need to do when you file for bankruptcy?

When you intend to file for bankruptcy, you will need to make sure that you qualify. Your attorney will look over your financial documents to determine if you meet the requirements of the different kinds of bankruptcies. If you do qualify for one or more of the different kinds of bankruptcy, then your attorney will talk to you about them, the way the different kinds of bankruptcy handle your debts and what to expect if you are going to go to court.

Bankruptcy can be a fantastic solution, but it's not right for everyone. Your attorney can talk to you more about it and if it's a fit for your situation.

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Medina, OH 44256

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