If you are considering bankruptcy then you might need to consider an evaluation by a professional to see if this would be the best option for you. You must know that filing bankruptcy is not easy and it stays on your credit report for years.
There is something called a means test for consumers who are considering bankruptcy. Congress has also created an income test to determine your ability to file bankruptcy. Basically what this means is that if your income is less than a family median income for the state where you live then you could pass the means test and then you could file bankruptcy 7 or 13.
If your family income is more than the state median income then there are many more forms to fill out. The means tests are very complicated and will require professional help.
Actually on November 1, 2009 the means test numbers will change again. No one is sure at this point which way the numbers will go.
If you think you need to file bankruptcy because you have exhausted all efforts to rectify your situation then an evaluation might be in order before you make that final decision.
Bankruptcy Chapter 7 could take up to ninety days to complete. You will be assigned a trustee and then a date for meeting with your creditors.
Bankruptcy is serious business, it is personally painful, financially painful and should be your last resort.
Consider an evaluation before you go through this long and tedious process. Maybe there are more options that you have not thought of yet. Consider also that if you have to file bankruptcy you can work your way back. Many have gone through bankruptcy and came out on the other end just fine.
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