If you have calculated your debt and it will take you more than three years or longer to pay off or get yourself on reasonable financial footing you need to consider your next options.
Bankruptcy is a legal right, and mostly if you think you qualify...
you do.
The people I see everyday really do seem to have a good sense about their own situation .
What bankruptcy can and cannot do: Bankruptcy can, Stop almost every kind of lawsuit.
Prevent garnishment of any wages you earn after filing.
Avert repossessions.
Stop foreclosures.
Prevent your driver's license from being pulled because of unpaid fine or judgments.
(Bankruptcy won't prevent suspension of your drivers license for failing to pay court order to support) Stop IRS seizures.
Bankruptcy generally won't prevent: Criminal prosecutions Contempt of court hearings Governmental regulatory proceedings Actions to collect back child support or alimony, unless you file a chapter 13 and create a payment plan.
Stop creditors in their tracks.
When you retain an attorney you then create the legal protection of an automatic stay.
This automatic stay prevents the bill collectors, garnishments, repossessions from continuing to call you.
The attorney then takes all those calls from your bill collectors.
If you found that you cannot pay your bills off in a three year time frame and still support your family or yourself, the next thing is to see a lawyer.
Bankruptcy is a legal right not a moral question.
The people that I see have found themselves in a financial dilemma not of their own choosing.
They have suffered job loss, divorce and economic hardship.