Evanston Bankruptcy Attorney Answers The Common Question, Should I F...

As an Evanston bankruptcy attorney, I get this question very often.  People want to be assured that they are doing the right thing and they are not filing bankruptcy when they should.  I have a measurement that I tell my clients about if they are considering filing for bankruptcy.  If my clients have the ability to get out of debt on their own within a six-month time period, then I do not recommend that a file for Chapter 7 bankruptcy.  If, on the other hand, however after six months, they would still be struggling with debt and unable to pay their debt, then I recommend filing for Chapter 7 bankruptcy. 

The key to my question is this: if you feel you are someone who could bail yourself out and get out of debt on your own in a reasonably short period of time, then by all means do not file a bankruptcy and pay off your bills.  If, on the other hand, you are really struggling and you do not have the ability to repay and if, after six months you are still going to be in a terrible situation where you can’t repay, then by all means, file a Chapter 7 bankruptcy, get a fresh start that the government puts in place for you and get back on your feet. 

I is your attorney cannot make that decision for you.  I can only advise you as to what I would do and I can only advise you based on what I have seen success wise from other clients.  In the overwhelming majority of people who come to see me, Chapter 7 is the best thing they ever did financially.  Yes, it’s a bankruptcy.  Yes, it will appear on the credit report for 10 years.  But you reestablish credit soon thereafter and most importantly, you get out of debt, you get back on your feet and you start a new financial life.