A lot of people ask when they should go bankrupt, without thoroughly examining ALL their options. Bottom line, bankruptcy should usually be considered your last option... as there are so many other possibilities these days.
Why?
The country is facing tough economic times right now. There are millions of Americans in financial difficulties. In some ways, this makes things easier for people in that so many people are having problems. For instance, so many homeowners are having trouble making their mortgage payments that the banks and mortgage servicers have HAD to make new procedures and ways to deal with the crisis.
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Mortgage modifications are, in some ways, much easier to get done these days. Short sales are easier as well, as lenders try to forestall the cost of foreclosures.
Of course, with so many in financial distress, the system gets overwhelmed. It's tough to even talk with the right people in the financial institutions. But even that can be used to your advantage... when homeowners who stop paying their mortgage might have been out of their home in just months in previous years, now it generally takes much longer, even years. (I am NOT suggesting you stop paying your mortgage!)
So, how does this all affect when you should file bankruptcy?
Step one is to determine if there are any other options you have, ones in which you could avoid bankruptcy.
Bankruptcy, whether personal or for your business, should not be taken lightly, nor should it be used without a lot of thought. There are often long-lasting consequences. Credit is marred. Bank accounts, credit cards and insurance are hard to get, sometimes impossible. Certain possessions can be lost. Getting credit to purchase a vehicle or a home in the future is tough, again if not impossible. Even getting hired for a job can be difficult.
Step two is to talk with a qualified bankruptcy attorney. There really is not a better option than this. Yes, you can do your own bankruptcy, even online.
Is it a smart thing to do? I don't think so... there are just too many issues.
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