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Why Filing for Bankruptcy Is Not Always the Best Option

Why Filing for Bankruptcy Is Not Always the Best Option
"""Filing for bankruptcy is not an emotionally simple decision, but many see it as a clear break from financial ruin. For some, registering for bankruptcy is a wise decision. For some, it is merely unnecessary.Take this brief test. If you answered YES to any of the following queries, bankruptcy may not be your best option:Is your primary source of income Social Security? Social Security benefits are mainly exempt from creditors' claims. If you register for bankruptcy, you receive the same protection you already receive.
Are your total debts less than $5,000? Considering the costs of a bankruptcy attorney, filing fees, and other expenses, it makes no sense to file for bankruptcy with such a tiny amount of debt. Even though the costs of completing the process are less than $5,000, it is ultimately not worthwhile.
Do you intend to leave the United States and never return? Most countries do not have debt extradition. In other terms, American debts remain in the United States.
Are the majority of your debts corporate tax obligations (such as payroll taxes from a business), student loans, or marital debts? These debts cannot be discharged in bankruptcy, so filing will not be of much assistance.
Do you possess valuable assets that you cannot protect in bankruptcy? You may want to reconsider filing for bankruptcy if you will be forced to relinquish ownership of sufficient property for your creditors to be paid in full regardless. If so, sell it yourself for the highest possible price, then use the proceeds to pay off your debts.
Is your monetary decline temporary? Occasionally, there are difficulties in your financial situation. Instead of filing for bankruptcy, you should consider catching up on your expenses if the situation will improve quickly and you'll be able to do so.

" - https://www.affordablecebu.com/
 

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"Why Filing for Bankruptcy Is Not Always the Best Option" was written by Mary under the Finance / Wealth category. It has been read 310 times and generated 1 comments. The article was created on and updated on 02 June 2023.
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