Apart from the question whether bankruptcy is moral or ethical, a practical question is whether or not someone should file bankruptcy at all.  That is a question that no one but the individual can answer.  Two people in nearly identical circumstances might reach opposite conclusions about whether to file.

In order to decide whether bankruptcy is right, you must know what bankruptcy will accomplish and what it won’t.  Then you must assess your own situation and decide whether bankruptcy will improve it.  Some questions to ask yourself to help you decide are:

• Do I live paycheck to paycheck?
• Do I skip paying some bills one month to pay others and then do the reverse next month?
• Do I dread answering the phone or opening the mail?
• Am I getting calls from bill collectors?
• Have I been sued for delinquent debts?
• Are financial problems interfering with my enjoyment of life?

If you answered “yes” to most of these questions bankruptcy might be right.  You need to explore what bankruptcy will and won’t do for your situation.  We’ll cover those questions in future posts.