The decision about whether or not to file for bankruptcy depends on many factors. If you are feeling overwhelmed with personal debt, you should start the process by talking to an experienced bankruptcy attorney. The right attorney will know what questions to ask.
Your Assets Are Less Than Your Debt
If you owe more than you have and the gap is widening regularly, it may be impossible to get out of this situation. When weighing the pros and cons of bankruptcy, think about what your life would be like if you no longer had to deal with losing more than you make to debt.
You Are At Risk Of Losing Something Major
“Can I save my house?” This is not a question most people want to have to answer. If you are behind on mortgage or car payments, or other major financial transactions are at risk, it may be time to start over again with bankruptcy. In some cases, bankruptcy exemptions allow you to keep most of your property and assets.
Debt Collectors Are Constantly Calling
Are you afraid to pick up the phone? Are creditors harassing you for debt repayment? If you are far enough underwater that you can not keep debt collectors off your back, consider this when weighing the pros and cons of bankruptcy. Filing for bankruptcy puts a stop to collections calls.
Do I Qualify For Bankruptcy?
Just the fact that you are considering bankruptcy is a pretty big sign that it might be a good next step. Being under major financial strain leaves people trying to find a solution, so if you are already thinking about this as an option, it is probably for a good reason.
You Have No Way To Meet Financial Obligations
If you do not have a job, or your wages are so garnished due to debt that you cannot reasonably make payments on anything else, there may be no other way out aside from bankruptcy. A filing will stop garnishment of your wages right away.
If you think you may want to file bankruptcy or want answers to any financial questions, contact the Law Office of Dominick Rendina.