Picking up from Considering Filing for Bankruptcy? Ask Yourself these 6 Questions (Pt. 1), below we will outline a few more important factors people need to think about when they are deciding whether filing for bankruptcy will be a good way to deal with their financial issues.
Question 3: Would alternatives for bankruptcy be a viable debt relief solution?
When considering filing for bankruptcy, it’s important that people take a look at all available debt relief options they may have to determine whether other options may also be viable or effective for dealing with their financial issues. For example, in some cases, it may be possible to work with creditors to negotiate a debt settlement that:
- Is less than the total debt owed
- Can be paid off in the near future
- Consequently, can reduce a person’s overall debt obligations.
Whether or not this (or other alternatives to bankruptcy) may work for you will depend on a number of different factors, so be sure to consult with an experienced attorney for professional advice regarding what your best options are.
Question 4: What will be my remaining debt obligations after filing for bankruptcy?
It’s important that you are aware that filing for bankruptcy may not necessarily relieve you of all of your debt obligations and that you may still be required to repay certain debts through and after the bankruptcy proceedings. For instance, if you have been order by family courts to pay child or spousal support, then this obligation will still remain despite a bankruptcy case.
Knowing what debt you will still be responsible for repaying after bankruptcy can help you evaluate whether pursuing this debt relief option may be a good move for you.
Don’t miss the conclusion to this blog for some final things that people should think about when considering filing for bankruptcy.
Denver Bankruptcy Lawyer at Lindquist-Kleissler & Company, LLC
If you are buried in overwhelming debt or are facing a serious financial crisis, Denver Bankruptcy Lawyer Arthur Lindquist-Kleissler can help you figure out your best options for resolving your financial issues.
For more than 34 years, Mr. Lindquist-Kleissler and the other legal professionals at Lindquist-Kleissler & Company, LLC have been providing both individuals and businesses with the highest quality of legal services when it comes to debt relief and bankruptcy (including civil litigation matters associated with bankruptcy). From simple to complex bankruptcy cases, Mr. Lindquist-Kleissler can always be trusted to maximize utilization of Colorado Bankruptcy Law to effectively guide his clients through bankruptcy and help them achieve the best possible outcomes to their cases.
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For a free 30-minute consult and a free bankruptcy packet, contact us by calling (303) 691-9774, or email us using the form on this page. You will pay nothing up front to obtain trusted, professional advice regarding your case and your options.
From our office in Denver, Arthur Lindquist-Kleissler represents clients throughout the Great Denver Metropolitan area and Colorado, including (but not limited to) Aurora and Arapahoe County.