While no one wants to declare bankruptcy, there are cases in which it can be the best choice for a family’s long-term financial well-being. Despite the stigma that is attached to bankruptcy, it can help a person or family get a fresh financial start, allowing them to escape a difficult financial situation that may have occurred through no fault of their own, but simply because of bad luck.

If money issues have created an inescapable burden, Chapter 7 bankruptcy or Chapter 13 bankruptcy can provide relief for those who qualify. A bankruptcy attorney can tell you if either of those options might work for you, or if you should go another route.

Should I File for Bankruptcy?

Divorce, loss of employment, sizable medical bills, potential home foreclosure, and unmanageable credit card debt are common reasons why people declare bankruptcy. However, before you consider taking this step, you will likely want to exhaust all other possible avenues.