Is Bankruptcy the Right Thing to Do?

The real question that everyone wants us to answer when they come in for a consultation is “how do I know if bankruptcy is the right thing for me to do?”

Unfortunately, no one else can make the decision for you. We can tell you how bankruptcy works, what may happen if you file, what is supposed to happen when you finish.

What we can’t do, is tell you if it is the “right” thing for you.

Like most decisions, you need to consider a lot of different things if you are thinking about filing bankruptcy. What will it cost? How long will it take? Who is going to find out about it? etc, etc.

A less obvious, but equally important consideration is “how do I feel about filing bankruptcy?” Bankruptcy is one of those legal terms that everyone has heard; most people don’t know exactly what it is, but they are pretty sure it’s not good. In other words, most people feel pretty bad about even thinking about bankruptcy.

That’s ok – no one expects you to be happy about, but you need to keep things in perspective.

The concept behind bankruptcy is that you need relief from your debts. For whatever reason (and there are many) you have accumulated more debt than you can handle and you need to find a way out.

If you’ve found your way to this website, then you are probably already falling behind on your bill payments. The phone may be ringing. You may be afraid to open your mail. The stress from all of these things already has you feeling pretty bad about yourself and your situation. Then someone comes along and suggests you think about bankruptcy – can it get any worse…

This is the turning point. Until you start looking for help to solve your financial problems you aren’t really in control. The lack of control is where most of the stress and the “bad feelings” come from.

If you’ve made the effort to find this website and you are experiencing financial difficulties then you should take the next step – book an appointment to see one of our professionals to review your situation (if you don’t live near any of our offices then find a local trustee to go and see).

Bankruptcy is not the only way to solve financial problems. Whomever you talk to will discuss 3 or 4 different ways to approach your difficulties. The solution that you pick will depend on your situation and on what makes you comfortable.

So, we can’t tell you if “bankruptcy is the right thing for you to do”.

We can work with you to help you understand your choices so that you can make an informed decision on how to deal with your financial problems. Once you make that decision some of the stress will be relieved and you will start to feel better about your situation and yourself.

<< Hoyes Michalos and Associates Ontario Personal Bankruptcy Blog