When Filing Bankruptcy is a Good Thing [and how to beat it]

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There seems nothing left to do and you just wish you could get a do-over. Whenever you´re down and out the only way is up – isn’t just catchy lyrics.

But sometimes the only thing you’ve got to hold on. Times like these, you may be able to get that do-over by filing bankruptcy.

Should I consider filing bankruptcy?

[{"selector":"#anim-b3477946-c3b3-41d9-b624-d7dfcf95a631","keyframes":{"opacity":[0,1]},"delay":100,"duration":1000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-16cd0c8f-01ec-49fa-aea9-85570b298686","keyframes":{"opacity":[0,1]},"delay":100,"duration":1000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] A study by Ohio State’s Center for Human Resource Research found that about 13.5% of Americans have filed bankruptcy with over a million new cases every year. Learn more

Understand that a bankruptcy will absolutely destroy your credit. It may wipe clean much of your debts but you will have a tough time getting any kind of a loan for quite some time.

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[{"selector":"#anim-af972770-cc74-4d19-8ba7-a109fbb15242","keyframes":{"opacity":[0,1]},"delay":100,"duration":1000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] The first thing you should do when considering filing bankruptcy is to talk to an attorney that specializes in bankruptcy. Unlike debt consolidation or other financial ideas, bankruptcy laws are technical and change from state to state. Learn more

There are two types of bankruptcy for individuals, chapter 7 and chapter 13.

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The bankruptcy judge will ultimately be the one that decides which you can file but your lawyer should be able to tell you according to your debts and finances.

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Swipe up to learn more!

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0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-1250020b-d571-405d-a0d9-fc7300543a30","keyframes":{"opacity":[0,1]},"delay":900,"duration":2000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-f66d4912-7f82-4e69-9ad9-e86d28317fd0","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":900,"duration":2000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] Should You Pay Off Debt or Build Emergency Fund First? 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