ABA Family Legal Guide

Consumer Bankruptcy

Introduction to Bankruptcy

The Process of Filing for Bankruptcy

When should I consider bankruptcy as an option?

Study the pros and cons carefully before resorting to bankruptcy as a means of solving your economic troubles. But do not wait until the last minute to get help—the day before a foreclosure or court date may be too late to get good advice or to take advantage of nonbankruptcy options. Get advice when you find you cannot pay your monthly expenses in full for more than three months, or if you face a sudden large debt, such as a medical bill, for which you cannot make payment arrangements.