Digital Library: When (and When Not) to File Bankruptcy

By: Geoff Walsh, John Rao

October 14, 2024 — Article

This article aids practitioners and others working with clients in determining when a client should or should not file bankruptcy, including the top seven reasons to file and seven reasons not to file bankruptcy.  Just as important is knowing the best time to start planning for and filing a bankruptcy, and knowing the cost of filing bankruptcy—it is not free.

Even when bankruptcy is their best option, clients have concerns that prevent them from filing. This article details six surprising bankruptcy facts that should dispel much of this reluctance, with a focus on chapter 7 bankruptcy.  Also listed are sources to find a bankruptcy attorney and additional bankruptcy resources.