When to file for bankruptcy - Discover the many options you have before filing

As a credit consultant, my clients always ask me when to file for bankruptcy. As a result, I advise them to file only when you have exhausted all of your available avenues such as talking with your credit card company, car, and mortgage lenders and your student loan representative about the various options you have to explore. You should also look into Consumer credit counseling organizations, debt consolidation, balance transfers and taping your savings and investments. If none of these options worked, and your debt exceeds your annual salary, then it's time to talk with a bankruptcy lawyer. Moreover, you must look at your advantages and disadvantages to filing.

When to file for bankruptcy options 1 - Credit cards Talk with your lender and see if any of the following options are available.

. Having your interest and payments reduced

. Changing your payment dates.

. Qualifying for a hardship program

. Suspend payments until you get caught up

. Settling your debts for 20% on the dollar

When to file for bankruptcy options 2 - Car

Before you get to behind on your car payment, see if the bank will let you do any of the following:

. Move your late payments to the end of your loan

. Refinance the car for a lower payment and interest rate

. Participate in a hardship program

When to file for bankruptcy options 3 - Home

Talk with your lender to see if they can help you in any way. You can also do the following:

. Try to get your payments reduced and suspended

. Contact your local housing authority for help

. Try refinancing

. Selling the home

When to file for bankruptcy options 4 - Student Loan

Since the student loan can't be discharged in bankruptcy, talk with a representative at the student loan center and try some of the following options:

. Request a deferment

. Apply for a forbearance

. See if you qualify for the income sensitive program

When to file for bankruptcy options 5 - Credit Counseling

Schedule an appointment with credit consumer counselor. The CCC is a non-profit organization that assists consumers who are in financial trouble. Here is what they will do for you:

. Help sort out your financial problems

. Provide credit education

. Help you with a budget

. Provide you with a plan to get out of debt

. Set up a payment plan for you

. Negotiate with creditors on your behalf

. Reduce interest rates and get late fees removed

Concluding, as you can see there are many options you can explore before making the decision to file BK. Just because you are over you head in debt does not mean you should think about BK. Bankruptcies stay with you forever so keep that in mind along with the information you learned in this article. Now that you are empowered with new information, please make the right choice.

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