About once every month or two someone I meet with in my Cambridge bankruptcy office who asks me a simple question:
Is it bad to file bankruptcy?
They then go on to say that they borrowed the money, and they feel bad about going bankrupt.
My answer is this: bankruptcy is neither good or bad. It is a legal process that discharges your debts, but it carries with it some obligations and repercussions. I believe a better question is this: What will happen if you don’t go bankrupt?
If the answer is that your creditors will take you to court, sue you, and start to garnishee your wages, and if as a result of that you will be unable to pay your rent and buy groceries, then bankruptcy is probably a better option. On the other hand, if you can repay your debts on your own, than for you bankruptcy is probably not a good option.
When I meet with you I will talk about bankruptcy, but I will also discuss consumer proposals in Cambridge as an alternative to filing bankruptcy. We will talk about other possible solutions, like a debt consolidation loan, or credit counselling in Cambridge. After reviewing all of your options you will be able to decide whether bankruptcy is "good" or "bad" for you.
Note that I said that you will decide. Filing bankruptcy is a very personal decision; I’ll provide you with the facts, but you will make the decision, so to arrange for a free initial consultation, please call my Cambridge office at 519-622-3773 or 310-PLAN, or e-mail me a question and my staff will set up a meeting so that I can personally review your situation, and help you decide on the best option for resolving your financial difficulties.
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