Let’s tackle the first burning question that’s probably in your mind when you get to this site: should you even file for bankruptcy? It’s a question that has some merits, good and bad but we’ll cover it in its entirety.

First and foremost, it’s hard to really give a yes or a no question to this. Bankruptcy has gotten a bad rap because a lot of media outlets have made it sound like you can just charge up credit cards and run away, leaving the oh-so-honest tax payers of the country to pay for your mistakes. That’s not the case at all, and you have to avoid doing things like that because it can be seen as bankruptcy fraud. There is a time and a place for bankruptcy, because you have to be able to get your personal slate wiped clean. If you can’t do that, then there’s no chance to start over and get things done.

You have to look at your own personal financial situation as well as your long term prospects for the future. Indeed, you will want to make sure that you get things taken care of because it’s better that way from every angle. The last thing that you will want to do is rush into something that can change your life so deeply. Yes, bankruptcy is going to take a hit on your credit. That’s the biggest thing that critics of the bankruptcy process say, but the truth is that your credit is probably already affected.

Think about it — you’re probably behind on at least one of your bills at the moment, and the bill collectors are calling you continuously. You might even have your wages being garnished right now, which is making it even harder to pay for the essentials in life. Wouldn’t you live better if you could get an end to the wage garnishment and the bill collectors? It would certainly be a lot less stress in your life, that’s for sure.

Bankruptcy clears that away for you, but that doesn’t mean that filing for it is a cakewalk, either. You will need to make sure that you take the means test and figure out which chapter of bankruptcy you can file under. Unless you have significant assets, you will most likely file under Chapter 7 — that is a complete liquidation plan that pretty much sets you free after the discharge. The downside is that you will have the credit hit of course, but you will emerge from bankruptcy having those debts wiped away. It’s just harder to qualify for Chapter 7 bankruptcy if you have a high income and you can pay back some of the debts.

Chapter 13 is considered the wage earner plan where you have steady enough income to make monthly payments on all of your debts that are included in the bankruptcy. This will let you pay them and still work out terms that are much more agreeable. The payments actually handle the principal because the interest is low or nonexistent. Once you emerge out of the process, your debts are considered paid and you cannot be pursued for those debts again.

Overall, the time is right to choose bankruptcy, especially when you realize that you need help getting things done. Why not get started today?