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Everyone is faced with challenges when comparing each bankruptcy alternative
offered today. Sales driven promises do little to qualify suitability on
a personal level, and choices made frequently create a ripple effect
upon future legal rights. Compromised legal rights may affect filing
Chapter 7 or 13, seeking new credit, and even applying for a new or job
or insurance coverage.
The best bankruptcy alternative is the one that produces the most
rewarding results. Each person's assets and liabilities are unique. More
importantly, each person is motivated by deeply seated personal goals,
expectations, and tolerance for controversy. To find the best solution
in any special circumstance requires an in-depth look at options,
alternatives, legal right, and duties. Compare actual quotes for all
alternatives, and carefully consider how each option affects net worth.
How to compare each bankruptcy alternative
Maximum increase in net worth is not all important. The best approach
must be affordable, realistic, and continue producing satisfying results
through the short term, the next year, and beyond. For example:
- Any bankruptcy alternative chosen must fit neatly into a monthly
budget.
- Risk is a highly relevant factor, especially job stability and
making monthly payments.
- Clearly understand how, when and why net worth will increase, and
by how much.
- Carefully read and understand all contracts and legal obligations
before signing any document.
- Project savings over a 5 year period, and let your best interest
be your guide.
- Avoid destruction of exempt asset status, merely for a quick fix
for aggressive creditors.
- Always require at least a second opinion, and preferably,
confirmation by a third professional opinion.
- Only consider legally valid options that make sense, in all
aspects of financial recovery.
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