Chances are, you found this article after asking the almighty Internet “when should you file for bankruptcy?” Well, I will be brief, blunt and to the point.
Before you can file for bankruptcy you need to get a consultation with a tax attorney to find if you even can file for bankruptcy.
The truth of the matter is that there are tons and tons of different kinds of bankruptcy, and each vary from state to state, too. The Chapter 7 bankruptcy laws are completely different from the Chapter 13 bankruptcy laws, and neither are similar to the Chapter 11 bankruptcy code.
Tax attorneys have all the information that you will need to get yourself through this dreadful time in your life. Facing debts, especially tax debts, can be truly terrifying and you should not navigate those terrible seas alone, without a legal compass. I am sure this is why you wound up searching “when should you file for bankruptcy” in the first place.
But, the good news is that there are plenty of benefits of filing for bankruptcy. You get to keep your collateral, you get a fresh start, your eligible debts are dispelled, and more. Things are great!
So hopefully that put you in the right direction. I know it did not technically answer the question of when should you file for bankruptcy, but I hope it gets you started on your debt relief solution. Good luck!
If you have any comments or questions feel free to share! Especially if you can better answer when should you file for bankruptcy than I could! Read more blogs like this.