Should You Consider Filing For Bankruptcy?
The primary reason is really a trio of big events. Most folks fall into major financial trouble due to divorce, medical bills and health problems, or underemployment or loss of a job.
If you are personally experiencing any of those three, you’re far from unique. There are many causes of people winding up in financial trouble. However, regardless of the case is, there’s always a path forward.
Given all that is possibly at stake – your business, your property, even your future, – you might need an experienced and qualified attorney that can match your distinct situation with the right chapter of bankruptcy filing.
We’re here to help you resolve any debt problems you have, so you can have a brand new financial beginning. We provide debt elimination and bankruptcy services under Chapters 7, 11, and 13 of the United States Bankruptcy Code. Each chapter covers different kinds of cases, each with its own distinct procedures and rules.
Should I Use A Lawyer To File For Bankruptcy?
When an individual suffers any kind of financial hardship in life, they might ask them-self if the circumstances are so dire that they might need to hire a bankruptcy attorney. If you’re just not sure if you should personally file, then a good move to make is speaking with a veteran bankruptcy lawyer who might give you additional information regarding your debt relief choices. It’s good to talk with a good bankruptcy lawyer so you can maximize the benefits in filing a bankruptcy. The following are a number of signs that might prove as indicators that your fiscal circumstances are at a point where a lawyer and bankruptcy are worthy of consideration.
Foreclosure And Repossession: If you’re on the verge of losing your home to something like foreclosure, or if you’re about to see your vehicle repossessed, then you should consult a bankruptcy attorney for your options. Many bankruptcy filings can stop vehicle repossessions and foreclosures of homes immediately. A bankruptcy might give you the opportunity to save such valuable assets that you worked so hard for.
Borrowing From Your Retirement Account: If you have been borrowing from your own retirement accounts to pay down debts, or you’re just thinking about doing this, then that is also very much a red flag, since it indicates that you’re financially overwhelmed. Using retirement account money to pay off debts that are dischargeable is almost always a bad idea.
Medical Debts: Statistics and data illustrate that medical bills are overtaking credit card debts as the primary cause of American bankruptcy. If you have a substantial amount of unsecured debts which involves medical bills, then a Chapter 7 bankruptcy filing is something that you ought to consider. It could just be the thing you need for a fresh start or a lighter burden.
Credit Card Balances And Debts: If you carry high credit card balances, and it always feels like you’re never in a position to pay down the balance, then you have sure signs of trouble. Most credit card debt is considered unsecured debt, which is something that a Chapter 7 bankruptcy filing can discharge. The full proceedings might eliminate such debts at their conclusion.
Garnishment Of Your Wages: If you are currently losing a portion of each of your paychecks due to owing someone money, that’s a definitive sign of trouble. That might land you even deeper in the hole since you don’t have money to invest or save. You’re struggling to make ends meet when you’re living from one paycheck to the next.
Creditor Harassment: If you’re constantly getting harassing and even threatening calls or messages from creditors regarding particular debts, then you should know that filing for the protection of bankruptcy puts an end to such harassment. A bankruptcy filing prevents creditors from using calls or demanding letters to contact you.
Poor Credit: A lot of individuals hold the belief that filing for something like bankruptcy is going to destroy their credit permanently. However, this is simply untrue. Your credit rating is certainly going to take a body blow, but you can also start work on rebuilding it almost immediately following a bankruptcy. Once you have relief from your debt obligations, you have the power to start reorganizing your finances. That will help your credit score grow back up again. Making smart financial decisions can actually mean that even filing for bankruptcy helps your credit score over due time.
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About the Author
Anthony W. Chauncey is highly qualified and dedicated in the areas of Bankruptcy, Foreclosure Defense, Criminal Defense, Traffic Citations, Family Law, and Personal Injury who can help you in your time of need.
