You may be one of many people who have been going back and forth about whether or not you should file bankruptcy. The truth is not as simple as you may think but finding the answer is straight forward. Keep reading to learn more and then contact The Law Offices of Paul Y. Lee at 888-748-0025 if you would like a free bankruptcy case evaluation.
If You Can Do These Three Things Then It May Make Sense to Pay Off Your Debt
In order to make more sense to pay off your debt than to file bankruptcy, you must be able to increase your income, reduce your expenses, and use everything you have in savings to pay off your debt. If you can do all three of these then it will work. However, most people are already doing the best with what they have. In these cases, filing bankruptcy is often the better choice.
The Real Cost of Paying Off a Mountain of Debt: Where is That Money Not Going?
If all it takes to pay off your debt is to skip a vacation or two, cut down on your lattes, and get rid of cable, then it would be a no-brainer – pay off your debt. On the other hand, if you are paying off your debt and it means that you cannot fix your car if a serious issue arises, you cannot afford health insurance for your family, and you cannot save for your future, then the cost is much higher than you may initially think it is.
Make Decisions for Your Future – Not Just Today
The fact is that no matter why you are in your current situation, whether you made bad financial decisions, had bad luck, or had an emergency, you do not have to make it worse by continuing to live without a safety net. So many people feel strongly that because they incurred the debt, they are going to pay it. This is understandable – but is not always a good idea.
Think about the long-term and what you are giving up by choosing not to consider bankruptcy. Are you giving up the chance to save for your future? Are you giving up the chance to pay for your child’s college without anyone having to go into debt? If relieving yourself of debt today can save everyone money in the future, it is well worth it.
Get a Free Consultation to Find Out More About Your Options
If you are ready to learn more about the types of bankruptcy, the best options for you, and how it will work when you file, we welcome your call to The Law Offices of Paul Y. Lee at 888-748-0025. We are happy to begin the process with a free consultation so you know exactly what your options are.