Most people don’t want to file for bankruptcy, but sometimes, it’s a necessity. Before you begin worrying about losing your assets, though, consider if bankruptcy is truly the right option for you. Ask yourself these questions before calling an attorney.
What Is Your Situation?
Consider your situation before you default to bankruptcy. Inventory your liquid assets, such as retirement funds, real estate, and savings accounts. Next, add up your bills, credit card statements, and other loans to determine how much you owe. If you owe more than the value of your assets, you may be better off declaring bankruptcy. (more…)