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Miami FL Bankruptcy Law Blog

Sunday, April 5, 2015

Making the Decision to File Bankruptcy

Should I file for bankruptcy? 

Before a bankruptcy case can be filed, the debtor must decide whether bankruptcy is, in fact, the best vehicle for dealing with the problems that the debtor faces. In a typical consumer bankruptcy case, most of the attorney's analysis involves comparing bankruptcy with other possible avenues of handling financial problems. 

A necessary prerequisite to such comparison is a knowledge of all the relevant facts. Although it may sometimes be possible to rule out bankruptcy based on knowledge of only a few facts (for example, that a debtor does not wish to lose certain property that cannot be saved in bankruptcy), it is never possible to decide safely to pursue bankruptcy without a thorough knowledge of the facts. Without such knowledge, unknown property (such as the right to a tax refund) may be lost in bankruptcy; major debts may turn out to be unaffected because they cannot be discharged or because there are liens on property; or property might be incorrectly valued and, as a result, lost to creditors. 

To assess whether bankruptcy will help, take the following steps: 

  • Learn the advantages and disadvantages of bankruptcy. It is important to know the benefits and pitfalls of bankruptcy. While the benefits can be great--discharge of most debts and an automatic stay against creditors--there are disadvantages, particularly the possibility of losing property.  Read more...

Posted by NACBA (National Association of Consumer Bankruptcy Attorneys), 2015




Donna R Joseph P.A. based in North Miami Beach, Florida serves clients throughout Miami-Dade and Broward Counties for over 25 years.



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