Should I file for Bankruptcy?
By Susanne Robicsek, North Carolina Bankruptcy Attorney on Jan 29, 2007 in General Bankruptcy Information
If you are wondering whether filing for bankruptcy is right for you then you are probably in over your head. You have three choices:
- Stay where you are (stuck in a hole)
- Borrow more to try to cover bills (dig a deeper hole)
- Take action to get out of debt (find a way out of the hole)
There are as many answers to this question as there are people asking it. The true answer is that it is an individual choice, and must be answered in the entire context of your life.
One person may file because of $5,000 of debt, while another wouldn’t when they owe $50,000. An older person may make a different decision than a younger person, as might a sick person vs. a healthy person, or a person supporting a family vs. a single person.
see also: Why File Chapter 13 and What Is Chapter 7?
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