Get documents about "5 Good Reasons NOT to file Bankruptcy
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This is an excerpt from the
CONSUMER’S GUIDE TO
BANKRUPTCY
IN THE FULL GUIDE YOU WOULD GET:
A basic understanding of the 2 main types of consumer bankruptcy,
valuable insights into evaluating bankruptcy as a debt reduction tool,
and practical guidance for finding a quality bankruptcy attorney.
Topics covered:
- An overview of the bankruptcy process.
- Key bankruptcy terms like: “discharge,” “automatic stay,” and “exemptions.”
- Chapter 7 bankruptcy: what it is, how it works, and when it is preferred.
- Chapter 13 bankruptcy: what it is, how it works, and when it is preferred.
- How bankruptcy can save a home from foreclosure or a car from repossession.
- 5 good reasons to file bankruptcy.
- 5 good reasons not to file bankruptcy.
- 3 alternatives to filing for bankruptcy.
- 5 questions to ask when interviewing a prospective bankruptcy attorney.
Want a free copy of this guide?
Just send an email to bkguide@llgtn.com and look for it in your inbox!
5 GOOD REASONS NOT TO FILE BANKRUPTCY
1. MOST OF YOUR DEBTS ARE NON-
Where
a
large
portion
of
DISCHARGEABLE, SO BANKRUPTCY
DOES NOT HELP YOU.
your
debt
will
not
going
to
be
discharged,
then
Bankruptcy
is
a
great
tool
to
filing
for
bankruptcy
eliminate
debt,
and
it
can
wipe
out
most
debts,
but
there
are
certain
may
not
be
your
wisest
debts
that
your
bankruptcy
cannot
course
of
action.
eliminate.
If
a
large
portion
of
your
debts
is
not
going
to
be
discharged
in
bankruptcy,
then
you
should
strongly
consider
whether
filing
bankruptcy
makes
sense.
For
instance,
suppose
you
want
to
file
What
does
this
all
mean?
You
get
rid
Chapter
7
to
get
rid
of
some
credit
of
some
debt,
you
still
owe
on
the
card
debt
but
you
also
owe
a
lot
of
nondischargeable
debts,
and
you
student
loan
debt.
In
this
situation,
need
a
smart
repayment
plan
to
filing
for
Chapter
7
bankruptcy
will
address
those
debts.
You
would
have
likely
not
do
a
lot
for
you.
Sure,
you
to
do
that
even
if
you
do
not
file
got
rid
of
some
credit
card
debt,
but
bankruptcy,
so
what
do
you
really
your
student
loans
will
most
likely
gain
by
filing?
not
be
discharged
in
your
bankruptcy.
The
same
is
true
with
It
is
important
to
know
which
of
your
most
taxes,
child
support
and
debts
will
be
discharged,
and
which
alimony,
and
other
nondischargeable
will
not,
so
that
you
can
properly
debts
(for
more
about
evaluate
bankruptcy
as
a
possible
nondischargeable
debts,
please
read
debt
elimination
tool.
through
page
6
of
this
guide).
5 GOOD REASONS NOT TO FILE BANKRUPTCY
2. YOU HAVE THE FINANCIAL MEANS
Unless
you
gain
TO GET OUT OF DEBT YOURSELF, AND
BANKRUPTCY DOES NOTHING
something
extra
by
filing
SPECIAL FOR YOU.
the
bankruptcy,
then
it
may
not
be
your
best
Your
situation
may
not
be
as
dire
as
option.
That
something
extra
for
you
think.
You
may
be
able
to
pay
you
may
mean
the
ability
to
can
catch
them
off
yourself
without
filing
for
up
your
mortgage
payments
over
bankruptcy.
time,
surrender
your
home
without
penalty,
or
pay
off
your
student
loans
Your
income
and
your
expenses
drive
or
tax
debt
in
a
finite
time.
your
debt
repayment
options.
If
you
make
significantly
more
per
month
3. YOUR EMPLOYMENT DEPENDS
than
you
spend,
then
you
should
UPON YOUR CREDIT SCORE.
strongly
consider
setting
up
debt
repayment
plans
with
your
individual
Several
professions,
especially
those
creditors.
that
require
major
financial
responsibilities,
place
a
large
value
If
you
make
a
lot
of
money,
and
you
upon
credit
score.
do
decide
to
file
a
bankruptcy,
then
you
may
be
required
to
repay
all
or
a
Filing
for
bankruptcy
will
have
a
large
part
of
your
debt
back
to
the
negative
impact
your
credit
score.
creditors.
In
so
doing,
you
have
But
the
bankruptcy
may
only
have
a
forfeited
the
ability
to
try
to
negotiate
relatively
small
impact
on
your
score
the
balances
on
the
debts,
and
you
because
of
the
history
of
late
have
paid
your
attorney
and
your
payments,
large
debts,
and
other
Trustee
to
oversee
your
case.
financial
issues
that
drove
you
to
file
for
bankruptcy
in
the
first
place.
Current
and
future
employers
cannot
discriminate
against
you
because
you
filed.
3
Got a question about your situation or something you read in this guide?
Feel free to email me at bkguide@llgtn.com, call me at 615-807-1064,
or visit the website at www.llgtn.com.
5 GOOD REASONS NOT TO FILE BANKRUPTCY
4. YOU HAVE ASSETS THAT YOU DO
5. EVEN WITH A DISCHARGE, YOU DO
NOT WANT TO LOSE. NOT HAVE ENOUGH MONTHLY
INCOME TO MEET YOUR MONTHLY
If
you
have
more
equity
in
your
home
EXPENSES.
or
belongings
than
you
can
protect
by
law,
then
you
run
the
risk
of
losing
Bankruptcy
is
designed
to
be
a
that
asset
if
you
file
for
Chapter
7.
springboard
to
a
new
life.
It
should
The
Trustee
would
see
if
taking
the
help
you
not
only
in
the
short
term,
asset
makes
money
for
your
but
the
long
term
as
well.
Ideally,
creditors,
and
if
so,
then
the
Trustee
without
the
burden
of
your
debts,
you
will
require
you
to
turn
it
over.
can
save,
make
your
income
work
for
you,
and
plan
for
your
future.
The
You
have
2
options
in
this
situation:
last
thing
you
want
to
do
is
to
file
a
bankruptcy
where
you
have
no
hope
1. File
Chapter
13
bankruptcy,
and
of
a
better
life
upon
its
completion.
repay
your
creditors
the
value
of
the
asset,
which
could
require
As
an
example,
if
you
have
monthly
you
to
repay
most
or
all
of
your
income
of
$2,000,
but
your
monthly
unsecured
debt.
expenses
alone
are
$2,500,
then
filing
for
bankruptcy
does
not
help
you
in
2. Sell
the
asset
yourself
and
the
long
run.
Bankruptcy
provides
negotiate
with
your
creditors
you
some
relief
by
eliminating
some
with
the
proceeds
outside
of
debt,
but
you
will
be
right
back
where
bankruptcy.
you
started
in
a
matter
of
months
because
your
income
is
greater
than
your
expenses.
If
you
do
not
have
the
means
to
move
on
with
your
life
after
bankruptcy,
then
it
may
not
be
the
right
time
to
file.
4
Got a question about your situation or something you read in this guide?
Feel free to email me at bkguide@llgtn.com, call me at 615-807-1064,
or visit the website at www.llgtn.com.
ABOUT THE AUTHOR
GORDON BOUTWELL is
a
bankruptcy
and
consumer
protection
attorney
in
Franklin,
Tennessee.
He
has
practiced
law
since
2006,
with
most
of
that
time
dedicated
to
bankruptcy,
personal
finance,
and
consumer
advocacy.
Over
the
years
he
has
helped
hundreds
of
individuals,
couples,
and
families
with
their
financial
problems.
He
believes
in
treating
other
people
the
way
he
would
want
to
be
treated
in
the
same
situation.
He
takes
the
time
to
get
to
know
his
clients,
and
he
educates
them
on
their
options
for
getting
out
of
debt,
helping
them
to
understand
and
evaluate
them.
He
believes
bankruptcy
is
a
worthwhile
tool
to
help
some
(but
not
all)
people
get
out
of
debt,
and,
when
combined
with
financial
education
and
counseling,
can
Gordon
H.
Boutwell,
Atty
be
a
springboard
to
financial
independence.
Lodestone
Legal
Group
198
E.
Main
St.,
Ste.
4
In
March
2011,
Gordon
and
R.
Keith
Gordon
formed
Franklin,
TN
37064
the
Lodestone
Legal
Group
in
Franklin
Tennessee,
615-‐807-‐1064
with
the
purpose
of
assisting
business
and
private
bkguide@llgtn.com
www.llgtn.com
clients
by
exploring
legal
options,
navigating
the
legal
pitfalls,
and
providing
measurable
results
through
custom
solutions
and
a
commitment
to
the
lost
art
of
personal
care
and
client
service.
Lodestone
Legal
Group
practices
in
the
areas
of
bankruptcy,
debt
negotiation
and
settlement,
financial
counseling,
residential
and
commercial
real
estate,
estate
planning
(wills
and
trusts),
and
small
business
and
corporate
law.
5 Got a question about your situation or something you read in this guide?
Feel free to email me at bkguide@llgtn.com, call me at 615-807-1064,
or visit the website at www.llgtn.com.
