A bankruptcy worksheet is used to help you to determine if filing for bankruptcy is the best option for you based on your financial situation. Before you even consider filing for bankruptcy, you need to use a bankruptcy worksheet so you can ensure you are making the right decision in terms of your finances. To help you to create a bankruptcy worksheet, be sure to check out this guide that will walk you through everything that you should consider, including the following:
- Your current types of debt. There are many types of debt and some are considered to be worse than others. Your bankruptcy worksheet will take a look at the types of debt that you currently have to help you to determine the severity of your debt.
- How much debt you currently owe. You will need to take an honest look at all of the debt you owe so you can realistically know what you are looking at. This will also prepare you to determine if it is possible for you to pay for the debt on your own.
- A review of your income and expenses. It is not enough to just know how much you make; you must also know where your money is going every month. To do this, you need to take an honest look at your income and expenses to determine if there are places you can cut back on spending and focus more on paying your debts.