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Bankruptcy should never be considered a “quick fix” for financial problems; it is in your best interest to first look into bankruptcy alternatives. If none are available, you should then gather all the facts about the types of bankruptcy protection. Filing for bankruptcy protection should begin with the following considerations:
• Whether you have the ability to pay your debt based on how much and how regular your income is, and the amount needed for basic living expenses. You may be able to pay your debt without filing for bankruptcy protection.
• Consider your assets and whether you are willing to give it/them up to cover your debt.
• How much debt you owe that will not be covered by bankruptcy protection
Since filing for bankruptcy protection is the last resort in coping with financial difficulty, you should also keep your credit rating in mind. Regardless of the form of bankruptcy, it will have a negative impact on your credit rating. If you have determined that this is the best course of action for you, please contact our bankruptcy attorneys today.