Arizona Bankruptcy Blog – Should I file for Bankruptcy Relief?
It’s a question many have asked, and if you’re asking whether or not you should file for bankruptcy protection, you’re not alone. Many factors can contribute to an individual considering bankruptcy relief. Most common, credit cards, auto loans, student loans and mortgages have gotten out of control. Many times we have good financial times and over-barrow thinking that there will be no problem paying a creditor back.
The answer to the question, “should I file for bankruptcy?” depends on multiple factors. But what all of those factors boil down to is the question; “with my current income, will I be able to pay back my creditors on my own?” If the answer to that is no, then you need to take a step back and make some considerations. For example, is it reasonable that you will make more money in the near future and be able to pay your creditors, or are you just hoping that something changes? Are you sacrificing basic living necessities in order to pay your creditors? Are you digging into your 401k, or some other retirement fund in hopes of having a windfall or better financial times?
People frequently ask me if they should file for bankruptcy or not. My response is always an inquiry into the individual’s amount of debt, and current income and then ask them the question; “based on this income, how do you expect to pay your creditors?” The reaction is common. There generally is not a plan, and just the hope of better financial times. If this is you, perhaps bankruptcy should be considered. If there is an actual plan that works out mathematically, then maybe you can avoid bankruptcy.
If considering bankruptcy, be sure to contact an attorney who has experience in bankruptcy court. Bankruptcy is considered a niche area of law and it requires specialized knowledge of the bankruptcy code.

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