Do you need to declare bankruptcy?

I was recently reading an article in a fashion website about whether you should declare bankruptcy. The short of this article is it leads the individual asking the question to go through a debt consolidation program instead. I will start with the first obvious piece of information that I would hope most readers would notice. Everyone’s life is different, everyone’s financial situation is different. Everyone has similarities in their lives and financial circumstances, but no two people are a like. Therefore, this article seems to lead people to stigmatize bankruptcy and push people towards avoiding it at all costs. They use the word “dire” when referring to Chapter 7. In fact, a Chapter 7 isn’t a dire need, but may be the most beneficial thing for someone in a particular set of circumstances. What’s more irksome about this article is most people will read this and want to relate to the question asker. There are definitely a large subset of individuals who make great money like this individual and is still carrying debt and not sure what to do.


The article delves into what the asker is making and overall how much the individual spends a month. What’s interesting is that they don’t really talk about specifics and what’s really left at the end of the month. The assumption is this individual has money, but just can’t pay down the $17,000 in debt. The article puts good light into talking about debt consolidation and what that entails, but glosses over the fact that if the individual consults with a debt consolidator, that they’ll have their best interest at hand. That may not be the case. A debt consolidator is a business, and they’re in the business of getting clients. The company will probably say that it’s in the best interest of the asker and they should go that route. If they told them they were a better candidate for a bankruptcy, they’d likely lose out on a customer. What the article doesn’t touch on is that the individual should also consult a bankruptcy attorney to weigh those options and see what that situation would look like for her.


The takeaway from this is that:


  1. You recognize you have debt and are struggling to get back on track financially. 
  2. You should weigh all your options including consulting with a debt consolidation company and also consulting with a bankruptcy attorney to know ALL your options.


You’ve already pondered and tried to find the solution of what to do with your debt, and it’d be awful if you only got one side of the story and not both before making your decision. Please consult both when in doubt. You can give me a call at (425) 559-0636 to get those answers.

Share on facebook
Share on twitter
Share on linkedin
Share on pinterest

Leave a Comment

Your email address will not be published. Required fields are marked *

Scroll to Top
Scroll to Top