If you cannot pay your bills you should consider bankruptcy, says Illinois bankruptcy lawyer Andy Miofsky.
“Bankruptcy is a straightforward and simple analysis”. When you check reality, either you can pay your bills, or you cannot. Often people try to cash in whatever assets they have in order to keep the collection wolves at bay. Or they try to borrow money to pay off the howling creditors. Unfortunately, if they are unable to pay all their debts, the problem is merely delayed, and they have no other sources of funding.
A rational and prudent business analysis leads one to conclude whether debts are increasing or decreasing from one month to the next. If you are getting deeper in debt, you should consider adjusting your debts in bankruptcy.
When debt is crashing down on you, bankruptcy should be your first thought.
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