Posted by The Accounting and Tax

Is Bankruptcy for You?

Is Bankruptcy for You?

You need to appraise your situation before deciding to go for a bankruptcy.

Take a look at your budget and debt worksheet and look for answers to following questions.

1 – Is there any discretionary income left over after making minimum payments on all bills?

You do not have to go for bankruptcy is answer to this question is a yes.

2 – Do you have any items on your budget that are not essential?

 If yes, eliminate these items from your budget sheet and put the money towards your bills.

3 – Are you behind in payments of secured debts?

If yes, contact creditors and try to make arrangements to catch up on payments.

4 – Is a considerable portion of your debt not dischargeable?

If yes, there is nothing to gain from bankruptcy.

5 – Do you own a property that you can sell or otherwise it will be taken away from you if you filed bankruptcy?

If yes, try selling this property yourself and apply the money towards outstanding bills.

6 – Did a friend or a relative co-signed any of the loans that the bankruptcy would affect?

If yes, talk to that individual if he or she can repay otherwise the debt will become that person’s if you file for bankruptcy.

The Accounting and Tax
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