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When Bankruptcy is the Best Choice


Most people will do nearly anything to avoid bankruptcy. Even when faced with a mountain of debt, unpaid bills, incessant collection phone calls, and lawsuits for unpaid debt people still want to avoid bankruptcy. We’ve been practicing bankruptcy law for over 35-years, and the things we see holding people back from getting the debt relief they need are bad information and fear.

There are so many bankruptcy myths floating around out there. These myths are doing a disservice to the good people who truly need the benefits of bankruptcy.  In fact, we dedicated two blog posts to dispelling the most common bankruptcy myths. You can read those here and here.

There is no shortage of debt settlement firms willing to pray upon people’s fear of bankruptcy. The truth is, often debt settlement fails and the person ends up wasting a lot of money and filing for bankruptcy anyway. If you’re considering debt settlement, do your research. You can start by reading our article Is Debt Settlement Better Than Bankruptcy?

When Bankruptcy is the Best Choice

Bankruptcy is a powerful legal tool to help individuals and families get out of debt. Certainly, bankruptcy isn’t right or necessary for everyone, but many people would be better off financially if they file for bankruptcy.

Bankruptcy is likely the right choice in the following situations:

If you are making only your minimum monthly payment on your credit cardsIf you have thousands of dollars worth of debt and you are only able to make the minimum monthly payment, or not able to make the payment at all, then it is time to consider bankruptcy.

If you are older and do not have much retirement savings. First, in general, retirement accounts are protected through bankruptcy. Second, if you are older and don’t have much saved for retirement, it is time to consider filing for bankruptcy to erase your debts. When you no longer have the burden of the monthly debt payments, you will be able to save more for retirement.

If your debt load is very large in relation to your incomeIf it is going to take you years to pay off your current debt, and that’s assuming you don’t incur more debt, then it is time to explore bankruptcy.

If you have been sued for non-payment of debt. If your wages are being garnished or bank accounts levied. If your creditors are coming after you with aggressive collection actions, it is time to explore bankruptcy.

Filing for bankruptcy isn’t as scary as many people believe. Certainly, it is a difficult financial decision, but bankruptcy can also be the best financial decision. Come meet with us for a free consultation to learn about how bankruptcy will affect you. You may be surprised to learn that many people who file for bankruptcy get to keep most or all of their belongings. You may also be surprised to learn that bankruptcy is not a courtroom battle.

Here at the Law Office of Barbara B. Braziel we will make sure you understand the benefits of bankruptcy and how filing will affect you and your family. We take the time to explain the bankruptcy process to our clients. We invite you to learn more about our firm here and come meet with us for a free no-obligation consultation.

Reach out to us by email at or call (833) 522-1069.

We are a debt relief agency. We help people file for bankruptcy relief under the U.S. Bankruptcy Code.

The post When Bankruptcy is the Best Choice appeared first on Braziel Law.

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