Struggling with the decision to file for bankruptcy? Tune into the latest episode of the Miller Law Chronicles, where we navigate the debt dilemma and shed light on the pros and cons of Chapter-7 and Chapter-13.

Join us as we dismantle common misconceptions and stigmas associated with bankruptcy, unwrapping layers of societal prejudice and misinformation. Our mission? To shine a light on this topic and dispel the shadows of misunderstanding that often cloud judgment.

Remember, it's not a failure but a fresh start. Let us empower you with the knowledge to make informed decisions for your financial future.

We're going to go through different, elements. We're going to help you assess your debt and financial health. When to consider bankruptcy as a viable option, alternatives to bankruptcy, overcoming the stigma. So we're going to cover a lot of great things in this short podcast. Appreciate you listening in.

Like us on Apple Podcasts, on Spotify, on Google Podcasts, or on YouTube. Appreciate you listening in the momentum, that we're having, helping a lot of people to move forward to a better financial future. Thank you.

But today I really just want to spend a few minutes and talk about the fear that people have when it comes to filing for bankruptcy. I have the privilege and opportunity to talk to a lot of people. People are really reluctant to file for bankruptcy for great reasons. It's not something that people do all the time.

A lot of reasons. But I just really wanted to spend a minute talking through a few things that should be considered before you file for bankruptcy or one makes that decision. So in this episode, we're really going to focus on that dilemma and explore the factors to consider, you know, when making that crucial decision.

On whether to file bankruptcy or not. And so the first step is really assessing your debts and your financial health at this time. As you're navigating your way through the decision making process, it's really important to talk to professionals, talk to friends, take a step back, assess where you're at.

And that's one element. And sometimes when you're in that situation, it can be easier to make the decision to file for bankruptcy. But then there's the decision where we have many clients that are up to date on their debt. Their debt to income ratio may be high. You know, they may be up on the mortgage payment.

They may be sacrificing things that they wouldn't otherwise have to sacrifice if they weren't paying all their bills. Now, I'm not advocating everybody should file for bankruptcy, but you know the situation where you're just stressed out, creditors are held at bay because you're making minimum payments.

But you're just waiting for the next shoe to drop when, God forbid, you have an illness or a car repair. It's just that one moment in time where you find that something could come up that's going to make it a challenge to pay those bills. And maybe your credit score is dropping. I see it a lot.

And so, you know, you need to assess your current debt situation or financial health and when to consider a bankruptcy as a viable option. I don't think you can really consider that as an option until you've talked to a professional, talk to a lawyer. And you've really seen how bankruptcy can help you.

And then you need to consider the alternatives to bankruptcy. And when you meet with us or you meet with another lawyer, it's their responsibility to present different options to you. So I can tell you here when I meet with somebody we're going to sit down, we're going to look at your assets, your liabilities, your income and expenses.

We're going to look at your debts specifically. We're going to look at where you're at now, and where you are in the future. So, when you come to Miller Miller, and I'm not trying to sell Miller Miller, because it could be any lawyer. Their job should be, and our job, is not to tell you what to do.

We'll talk about chapter 128, which is a reorganization. Allows you to pay back your bills over time over a three year period of time. We'll talk about debt negotiation, you know what that looks like avoiding a bankruptcy. And we'll talk about not filing bankruptcy at all for some people that is a viable option. And so we'll talk about that also and then I want to talk to you about overcoming the stigma.

It's really the most financially educated people that want to file bankruptcy or need to file bankruptcy because they realize the importance of a debt free future, an improved credit report future, and the need to protect one's family and protect one's assets and in checking account, you know, just to be honest.

But it's really hard to find specific information that applies to you and applies to your situation. Nothing that you're going to search on the internet is going to give you every answer that you need. You need to spend time and I'm not, I don't like telling people what to do, but I would, I can tell you if you're facing debt issues and you know, if you are, you need to spend the time with a qualified bankruptcy lawyer that can present all the options to you and help you understand what a fresh start looks like, what a bankruptcy looks like and how you can get back on your feet.

But in general, I don't think you can get over the decision dilemma. Unless you get all the facts in front of you, and I think you need to surround yourself with professionals that can help you do that. So, I hope that kind of gave you some insight on how to overcome the decision dilemma and understanding if bankruptcy is right for you.

You can Subscribe and Like our podcast or Follow us on Spotify. On Google podcasts on Apple podcasts or wherever you listen to your favorite podcasts. I appreciate you so much and I hope you found this podcast valuable. Thank you so much.