{"id":286975,"date":"2020-04-10T08:57:53","date_gmt":"2020-04-10T13:57:53","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-law\/bankruptcy\/what-is-bankruptcy\/when-should-i-file-for-bankruptcy.html"},"modified":"2024-06-22T20:28:14","modified_gmt":"2024-06-23T01:28:14","slug":"when-should-i-file-for-bankruptcy","status":"publish","type":"page","link":"https:\/\/www.findlaw.com\/bankruptcy\/what-is-bankruptcy\/when-should-i-file-for-bankruptcy.html","title":{"rendered":"When Should I File for Bankruptcy?"},"content":{"rendered":"\n
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When Should I File for Bankruptcy?<\/h1>\n
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\n By Christie Nicholson, J.D.<\/a> | Legally reviewed by Susan Mills Richmond, Esq.<\/a>\n | Last updated\n
\n \n <\/i>\n Legally Reviewed\n <\/summary>\n\n
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This article has been written and reviewed for legal accuracy, clarity, and style by FindLaw\u2019s team of legal writers and attorneys<\/a> and in accordance with our editorial standards<\/a>.<\/em><\/p>\n\n <\/div>\n <\/details>\n\n

\n \n <\/i>\n Fact-Checked\n <\/summary>\n\n
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The last updated date refers to the last time this article was reviewed by FindLaw or one of our contributing authors<\/a>. We make every effort to keep our articles updated. For information regarding a specific legal issue affecting you, please contact an attorney in your area<\/a>.<\/em><\/p>\n\n <\/div>\n <\/details>\n<\/section>\n

Despite what you may think, filing for bankruptcy is not the end of the world. It can give you the fresh start you need. The courts drafted the bankruptcy laws to give people a second chance, not to punish them.<\/p>\r\n

With that said, you shouldn’t file for bankruptcy<\/a> at the first sign of financial distress. Regardless of the type of bankruptcy, you must consider the short- and long-term consequences of filing a bankruptcy petition. Bankruptcy is a last resort. The question is, when should you file for bankruptcy?<\/p>\r\n

Here, we’ll discuss how bankruptcy will impact your life. Sure, a bankruptcy discharge will get rid of most of your debt. It can also destroy your credit score. This article will explain how to decide whether bankruptcy is the best solution for you. Contact a skilled bankruptcy attorney near you if you choose to file a Chapter 7 or Chapter 13 bankruptcy case or if you need help deciding whether to file.<\/p>\r\n

Evaluate Your Financial Situation Before You File<\/h2>\r\n

Many people in financial distress wonder if bankruptcy is the answer to their problems. Before you take this drastic step, you should consider your other options.<\/p>\r\n

Some of these options include:<\/p>\r\n