When Is Bankruptcy Right For Me?
Every year, millions of Americans are faced with financial problems that threaten their ability to provide for their families. The negative consequences of debt, income loss, and the inability to get out of debt can have painstaking effects. When reviewing options for relieving debts, not all solutions are created equal. In fact, there is a time and place in which bankruptcy may be the best option for you.
Balancing Benefits and Risks
Debt relief options such as consolidation loans and settlements may offer a more affordable way out of debt than negotiating with lenders directly. However, they often come with high up-front fees and lengthy payment plans. Further, debt settlements and consolidation loans may still leave you at risk from your creditors. If you have collateral or assets tied to any defaulted loans, you may be at risk of repossession, eviction, garnishment, or foreclosure.
Filing for bankruptcy, on the other hand, can offer you immediate protection from creditors, debt collections, and the loss of assets or collateral. Bankruptcy offers greater protection than other debt relief strategies when it comes to protecting property. Bankruptcy can also offer a full debt discharge; a legal release of liability from an owed debt. Many people find themselves out of debt faster, easier, and with greater protections.
If you are experiencing problems paying your debts or making ends meet, contact our Sacramento bankruptcy attorney office today to learn more about how bankruptcy may help you rebuild your financial future.