2008 U.S. bankruptcies: 1,117,771.
You are not alone if you are contemplating bankruptcy.
Complete the following Debt Dance survey. Its score will help guide you as to whether you need to file, if this is the right time to file, or, if you should be looking at other alternatives. This is informational only.
If you are considering filing bankruptcy it is imperative that you speak with an attorney to better evaluate your unique situation.
Take a moment and write down your financial and life dreams. Attach an approximate dollar figure to them. For example:
- Start a petting zoo business. $25,000.
- Invest for the kids’ college. $100,000.
- Buy a new house for cash. $350,000.
- Pay off all unsecured debts. $35,000.
- Have an emergency fund of $15,000.
THE DEBT DANCE BANKRUPTCY SURVEY
Be honest and this tool can help you clarify why you should or should not seek legal counsel.
1. How are you using credit now?
a. I’m using one card to pay the others every month. I’m about to max out.
b. I use my credit cards a lot, for extra things (like clothes) and for emergencies.
c. I use my credit cards several times per week for small things, just to help me get through until payday.
d. I rarely use my credit card.
2. How have you tried getting rid of this debt?
a. I haven’t.
b. I’ve cut way back on expenses.
c. I’ve taken a second job.
d. I’ve tried negotiating with the credit card companies.
e. I’ve tried debt consolidation/settlement.
3. How many years do you have before you plan to retire?
