At least give yourself these five thoughts – there are other options, it isn’t the end of the world, it’s probably personal or professional, but hopefully not both, you do need to understand how it will affect your future, and your choice of lawyer does matter.
- There Are Other Options
Before declaring bankruptcy, talk to a lawyer about other options. At the very least, there are ways to slow down the bankruptcy process to make sure that you’re making the right choice, and bankruptcy is certainly something that you don’t want to rush into. Even doing a short amount of research will give you some statistics and at least a general overview of ways that you can handle your situation without acting rash.
- It Isn’t the End of the World
Declaring bankruptcy isn’t the end of the world. There are all sorts of different reasons that it could happen without it really being your fault. People run into financial issues because of health care bills, student loans, out of control credit card issues, changes in the stock market, a natural disaster of some sort that wipes out a home or property. But one of the reasons bankruptcy is set up the way it is, is to allow you to rebuild.
- Is It Personal Or Professional?
The matter of personal or professional bankruptcy is a big deal. You can protect assets on either side of the equation depending on which way you claim. If your business fails, it doesn’t necessarily mean that you’re going to lose all of your personal assets, for instance, as long as you incorporated correctly.
- How It Will Affect Your Future
Different types of bankruptcy will affect different people in different social situations differently in different countries or even states. So before claiming anything, you need to know the specifics of your situation exactly, not one that closely resembles it.
- Your Choice of Lawyer Does Matter
It is important to remember that if there are any sorts of claims inside of a bankruptcy case, for instance an outside person or institution is claiming money against you that you don’t have, your choice of a lawyer is going to matter, because ramifications inside the eventual decision will effect things like repayment options or even what your credit rating ends up at.