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How do I know if bankruptcy is right for me?

The decision to go into bankruptcy is not a very hard one to make if you analyze all the facts of your financial circumstances carefully. It is usually a simple matter of economics: Will the monetary savings I receive from bankruptcy be worth it to me in the end? A New Jersey bankruptcy law attorney can help you conduct this kind of evaluation and here is the kind of information he or she will consider.

First, your bankruptcy options will be examined. For example, not everyone can qualify for Chapter 7 or Chapter 13 bankruptcy. Therefore, it is important to know: (a) if you will qualify, and (b) which type of bankruptcy is the best match for your situation and needs.

Second, you will want to consider any available bankruptcy alternatives. Sometimes financial problems can be resolved after making a few simple changes. It is important to fully consider your options before beginning your bankruptcy process because sometimes much easier solutions can be found.

Third, analyze which of your debts can be forgiven and which cannot. Many kinds of debt like college loans, taxes owed, alimony and child support will not disappear with bankruptcy, so make sure that your debt is actually forgivable before you undertake the bankruptcy process.

Fourth, determine whether or not you can keep your home if you're a homeowner, and what will happen to other large assets. Sometimes, losing valuable assets through liquidation makes bankruptcy completely not worth it.

There are other vital aspects that need to be examined before undertaking the bankruptcy process. However, with an eye for detail and an understanding of state bankruptcy laws, a New Jersey bankruptcy lawyer can be an invaluable asset when making this kind of a decision.

Source: FindLaw, "Is bankruptcy a good idea for you?," accessed Jan. 22, 2016

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