When I was sick recently I watched a lot
of TV which I never do, and I saw ads for lawyers that if you have been injured in an
accident and how they were gonna make you rich. And then I saw a lot of ads for
lawyers in the event you’re overwhelmed financially they would file bankruptcy
for you. So the question is bankruptcy when do you do it when do you not? Not
just because some lawyer on TV tells you to file and all your problems will go
away, should you? Often I find people file for bankruptcy because they’ve had one
too many calls from a debt collector, but that’s not the reason to file. The reason you
file bankruptcy is because you’re at a point where you’re never gonna be able
to work your way out of the debts you have. And that’ll happen sometimes, but
most of the time you’ll be in a position where you’ll be able to handle the debts
as long as you come up with a plan. The plan should start with you going to see
a counselor at an affiliate of the National Foundation for Credit
Counseling. Go to NFCC.org, find referral to someone close to where you
live, sit down with him or her, go over all your debts, your income, and they’ll
see if they can come up with a budget for you, or if that won’t do it whether
they can negotiate a payment plan for you that’ll get you out of debt
typically in three years to four years. Only if you find there’s no way out
after you meet with the debt counselor — a legit one — that’s the point at which
you might have to consider filing for bankruptcy but it is a last choice not a
first.