Who Should File For Bankruptcy And Who Should Not?

Who should not file bankruptcy?

Consumers that are undecided about filing. If you have not gone through any financial counseling yet--or have not been informed that there are alternatives to bankruptcy--then you shouldn't be filing bankruptcy.

Filing is costly and the whole process is long and tedious. It really might not work out for some.

So if you cannot make up your mind on whether or not you should file bankruptcy, before you spend money, time, or effort into filing...do speak with a debt expert first--because even if we, the people in threads, try our best to explain to you what you should or shouldn't do..a debt consultant would be better at answering your questions--it would be more clear and personalized. So feel free to fill out one of the forms and speak with one. The best of luck to you!

Who should file bankruptcy?

For Chapter 7, those with assets to liquidate, and if they can pass the means test.
For Chapter 13, if you have sufficient income to follow and sustain the repayment plan.

Who should not file bankruptcy?

The unemployed. The consumers with irregular and insufficient funds. The ones who just rely on pensions and disability benefits.

Those whose debts are mostly non-dischargeable anyway.

I disagree with rasputin there. Creditors can actually force a debtor into bankruptcy. It's called involuntary bankruptcy. So the question should have been, can somebody else file bankruptcy under my name, other than myself?

I'm not sure about that doubtman..were you referring to insolvency? I think that creditors generally file that for companies..and not individuals..

I think so too..Chapter 11 I think, and not Chapter 7 or 13.

But it still answers the question Who can file bankruptcy or who should file bankruptcy (?)

Who should file for bankruptcy?

Consumers who do not trust private companies to solve their debt problems or those disgruntled customers--those who have once tried the services of privately run debt relief companies and got very disappointed with the result.

Who should file for bankruptcy?

Consumers who have received a sound debt counseling session and have found out that bankruptcy is really the best debt relief solution for their financial situation.

When asking- who should file for bankruptcy and who should not?- misteranderson I have to cordially disagree. If you distrust a company you have spoken with, it means you should compile a list of other companies and talk to each of them to see if one is suitable for your needs. Filing bankruptcy simply because you lack trust doesn't make any sense, and there is no logic behind that.

For example, lets say someone is in a position to successfully pay off their debt within 5 years using the credit counseling approach. But they don't trust the company that they spoke with- so now all of the sudden they file bankruptcy as a result? I don't think so. Do your homework, make inquiries to a bunch of different companies, and be sure you make every attempt to avoid filing bankruptcy if you can. Of course, for some people, it is the only realistic option.