What Should I Do?

It's really tough to tell someone what to do when it comes to something as tough and life changing as filing bankruptcy.

Deciding whether or not to file bankruptcy is something that only you can and should decide.  You may have family and friends telling you "You should file bankruptcy to get your debt problems taken care of" or "Filing bankruptcy will solve all your problems."  Don't listen to them. Bankruptcy will affect your life and your credit, not theirs.  The decision must be yours to make. 

Learning Before Deciding

You must become informed before you can make a wise decision.  You need to understand the law and understand what bankruptcy will do to your life once you file.  It would be foolish to go into bankruptcy without fully understanding what it means.

Looking at Your Life

Once you understand what filing bankruptcy involves and how it will affect you, look at your life and see if bankruptcy is really the answer.  Is it worth going throught the stress and expense of filing bankruptcy?  Under the new bankruptcy law, will you pass the means test?  If you don't pass, bankruptcy may not even be an option for you.  If you do pass the test, then it is an option.  But just because it is an option, that still doesn't mean you should file.

Making the Decision

Remember, only you can decide what to do with your life.  After you have learned all you can about bankruptcy, the new bankruptcy law, and taken a look at how it will affect your life, it is now time to decide if bankruptcy is the answer for you.  If after weighing all your options you are 100 percent sure it is the only option, then you should begin the filing process. 

If your not 100 percent sure, take some more time to reflect before you make the decision.  Once you file, you can not go back and change it.  It will be on your credit for 10 years and anytime you apply for a job and they ask if you have ever filed bankruptcy, you will have to say "yes." 

Of course, most of the time having to file bankruptcy is just a symptom of  an underlying money management problem. 
If you do file, you must be ready to treat the real problem, or you could quickly find yourself back in the same boat you just stepped out of.