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Things Are Looking Up When It Comes to Filing Bankruptcy

Posted By Allmand Law Firm, PLLC || 7-Nov-2013

Most Common Questions about Bankruptcy and Income Tax Debt

Financial experts actually have good things to say about bankruptcy. While filings increased greatly during the recession in 2008, the sudden surge of filers during this time was scrutinized by some experts as an unacceptable way for people to get rid of outstanding debt. But, if you are truly in a situation in which you can no longer afford to pay what you owe; bankruptcy may be the solution you need to help you get a fresh start.

In the last few years, bankruptcy filing rates have gone up, down, then back up again. Just over 1 million people filed for protection in 2008 and close to 1.5 million filed in 2012. But this year, the filings have been closer to the number of filings during the recession. During this time period filings jumped roughly over 30 percent.

While many consumers have heard negative things about bankruptcy or have been geared toward not filing, there are reputable financial experts that recommend you file, especially if you qualify. Failing behind or not being able to pay toward obligations such as a car loan, mortgage or credit cards is not something anyone plans to do.

Financial experts that are for consumers filing protection pose a question to naysayers: What is a consumer supposed to do when they just can't afford to pay anymore? If you decide not to file for protection your situation could get worse such as a lawsuits, garnishments or liens being placed on your assets. Bankruptcy can be a legal way out of debt that tells creditors you can't pay anymore. Discuss your situation with an experienced Dallas bankruptcy attorney.


Categories: Bankruptcy
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