Are you overwhelmed by your debt? 

Do you have medical conditions that not only leave you feeling ill, tired, fatigued…but furthermore are also creating a real economic hardship in doctors bills, hospital bills, prescription costs and other medical expenses?

Have you recently divorced and struggling with one income?

Have you recently taken a pay cut or working fewer hours as your employer struggles to keep their doors open in a tough economy?

Are you a small business owner and employer finding you business struggling in this economy?  Are you unable to keep your business open with the spiraling costs of your overhead versus your dropping sales and profit?

Have you recently lost your job and are blowing through your savings to support your home, your utilities, your car and your bills?  Not to mention groceries, gas, and other day in and day out expenses?

Without a doubt, many consumers are simply in over their heads for a variety of reasons.  The thought of filing bankruptcy for many of us may bring feelings of shame, inadequacy or even down right fear!  Many people simply assume that bankruptcy is an option for the very rich trying to escape their mistakes, or for people who ran up their credit cards without regard for the future of the payments, or for people who are trying to somehow take advantage of the system. 

Bankruptcy is rarely any of the above.  You need not feel shame or inadequate.  Most bankruptcy filings are the result of overwhelming and unforeseen medical expenses.  Did you choose to get sick?  Hardly.   Furthermore, many bankruptcy cases come from a divorce or loss of a job.  Did you ask to be laid off?  Most likely not.

Bankruptcy may be an viable option for you, to assist you with managing your debt and obtaining a “fresh start” to battle your medical condition with less stress, to find a new job to get back on track with your career and income, and to get back on your feet after a devastating divorce and look to your future with a positive outlook.  Bankruptcy can lift the load of worry, fear, and despair from your shoulders so you can focus on your health, your career potential, your family and your life. 

There are many options to consider regarding bankruptcy:

Have you discussed this with your loved ones?  Do you have a plan that will help you face this together, and with a support system? 

Can you attempt to leverage any home equity for a debt consolidation loan?  This would pay down your debt and leave you with one payment to make.  However, with prices of homes in many markets still going down, many consumers are finding that they have little to no equity or ability to secure a debt consolidation loan.

Have you contacted a debt counseling service?  There are non-profit organizations that may be able to assist you in negotiating your debt and/or your interest rates with your creditors to bring down your overall monthly debt payments.  However, if you are currently unemployed, this may not be an option as you will need to be able to repay the debt under the new terms…without a steady, ongoing income you may not qualify.

Do you know if Chapter 7 Bankruptcy, Chapter 11 or Chapter 13 is better for you and your total financial picture?

What property and assets do you have that could be liquidated or that you want or need to keep?  Have you created a spreadsheet of your debt, your monthly minimum payments, your assets? 

Do you understand how to deal with a bankruptcy as a small business owner?  How is your business structured and how will that impact the way you file? 

Do you understand how bankruptcy impacts your business, whether you have to close your doors permanently or possibly stay open as debt is reorganized? 

Do you understand how bankruptcy will impact your credit score? 

Do you know that many future employers will pull your credit score as part of your background check and potentially weigh your credit rating as part of your employment potential?

Do you know how Nevada bankruptcy laws differ from federal bankruptcy laws?   For example, Nevada exemption differ from federal exemptions and you can opt to choose the exemptions that work best for your financial situation.

Have you contacted a bankruptcy attorney in your area that can help you walk through the answers to these questions and many, many more?