In hind sight, was bankruptcy the correct alternative for us?
March 13th, 2006 by Questions
My husband and I went bankrupt nearly 2 years ago and were released in March of 2005. When we went for our initial consultation we felt that we would probably be making a proposal to repay our debt. We were dumb struck when we were told that we had no option but to declare bankruptcy. We did not seek out a second opinion because we went in uneducated about our rights and options. We were stupid. We thought that we would be advise on our options. We now, and even then, often feel as if we were pushed into declaring bankruptcy. Why do trustee’s recommend bankruptcy over other options and what is the dividing line between a proposal and bankruptcy? Do trustee’s explain all bankruptcy alternatives?