Most debtors who are considering bankruptcy are those who should have filed bankruptcy months or even years ago. They're facing foreclosure, lawsuits, wage garnishments and repossessions by the time they finally step into a bankruptcy attorney's office. But there is another type of debtor considering bankruptcy who has excellent credit; but foresees a financial problem in the near future. For example, maybe the debtor is facing a job loss or is already unemployed and is running out of savings/unemployment insurance. Or, maybe the debtor has been struck by an illness and knows that their expenses will increase dramatically while their income reduces due to the inability to work while battling the illness. These types of debtors considering bankruptcy often see the "handwriting on the wall" and want to be proactive about protecting their assets before the financial situation worsens.
Although a debtor shouldn't file bankruptcy at the first sign that there's trouble (job loss, illness etc.) he/she should seriously consider bankruptcy before raiding retirement accounts or taking out a home equity line of credit which could worsen their financial situation in the long run. If you are borrowing from the "future" (retirement, home equity) to pay your daily expenses and current debts you probably should consider bankruptcy. Speak with an experienced Dallas bankruptcy attorney today to find out if bankruptcy is right for you.