7 Questions to Ask Yourself When Considering Bankruptcy (Part 3)

March 26, 2014

If you are considering bankruptcy as a solution to your financial issues, contact the Colorado bankruptcy lawyers at the Law Office of Jon B. Clarke.

If you are considering bankruptcy as a solution to your financial issues, contact the Colorado bankruptcy lawyers at the Law Office of Jon B. Clarke.

Concluding our three-part blog 7 Questions to Ask Yourself When Considering Bankruptcy, below are some final questions and answers that people need to think about when they are facing serious debt and are wondering if they should file bankruptcy. If you are considering bankruptcy as a solution to your financial issues, you are encouraged to meet with the Colorado bankruptcy lawyers at the Law Office of Jon B. Clarke for a thorough, professional case evaluation.

  1. If I file for bankruptcy, what should I expect in terms of remaining debt?When people file for bankruptcy, it’s likely that their debts related to credit cards, medical bills, car loans and home loans will be discharged (i.e., that the person will not be responsible for repaying these debts). However, some debts will not be discharged with bankruptcy, which means that borrowers will still be on the hook for repaying these debts after a bankruptcy case.

    Such debts that will remain after bankruptcy include some tax-related debts, student loan debts and debts related to court-order payments (like, for example, restitution fines associated with criminal convictions and spousal or child support associated with prior divorces).

  2. What do I need to change about my financial situation after filing for bankruptcy to reduce the chances I may need to file again in the future?This is perhaps one of the most important questions people should ask themselves when they are facing the possibility of bankruptcy. The fact is that, while bankruptcy offers a financial fresh start for people buried in debt, these people may have to make significant changes to their spending and living habits after bankruptcy to ensure that they are able to get back in good financial health and to minimize the chances that they will ever need to file for bankruptcy again in the future.

    To this end, it’s crucial that borrowers take some time to figure out what behaviors and/or types of debt got them into bankruptcy in the first place and that they make a plan for what they will need to do after their bankruptcy case has been finalized in order to rebuild their finances.

Colorado Bankruptcy Lawyers at the Law Office of Jon B. Clarke, P.C.

If you are overwhelmed by seemingly insurmountable debt and are looking for a financial fresh start, contact the trusted Colorado debt relief and bankruptcy lawyers at the Law Office of Jon B. Clarke, P.C. For more than 35 years, Mr. Clarke and his diligent support staff have been successfully helping our clients resolve even the most complex bankruptcy cases for both individuals and businesses alike. Our experienced legal professionals are committed to providing each of our Clients with the personalized debt relief assistance they need, and we will work tirelessly to ensure that our Clients’ cases are resolved as favorably and efficiently as possible.

For a thorough assessment of your situation, along with expert advice regarding the best manner in which to move forward to unburden yourself from debt, call us at (866) 916-3950 or email us some details about your situation by clicking here.

Categories: Bankruptcy, Bankruptcy Facts, Blog, Colorado Bankruptcy Lawyers