How Do I Know If I Should File Personal Bankruptcy?
Today, many Americans are facing the fact that filing personal bankruptcy might be in their future. The question of, “How do I know if I should file personal bankruptcy?”Is one that plagues many Americans daily. Creditors would like people to believe that if they file for bankruptcy they are a failure and if they file they will never be able to get credit again. What they don’t want the public to know is how untrue this is. First of all, filing bankruptcy doesn’t mean an individual is a failure because they had to file. If you look at the news you will see many large corporations filing bankruptcy to reorganize and come out leaner and meaner. Corporate America uses bankruptcy filing to get out of employment contracts and to negotiate down their debts they owe to their vendors. When a corporation does it, it’s good business and when an individual does it, they’re a failure? Basically, it’s a double standard that has been set just because creditors don’t want the consumers to know that filing bankruptcy is a good way to get a fresh start and a new financial beginning.
If you ask any bankruptcy attorney, most people who file for bankruptcy wait too long to come in. Most Americans make minimum payments for a couple of years before even realizing that it’s impossible to ever pay these debts off based on their income. A bankruptcy attorney says a good rule of thumb to know if it’s time to file personal bankruptcy is to take all your monthly credit card bills and create a budget on how much you can afford to pay each one. Considering there is no new charges on these bills if it takes longer than five years to pay the debt off you should consult with a bankruptcy attorney to see if they believe that filing bankruptcy should be sooner rather than later.
It’s pretty common for a bankruptcy attorney to see people call their office on the day of a foreclosure sale of their home. They wait until the last minute to see if filing bankruptcy will stop foreclosure and allow them to keep their family home. Depending on the circumstances, in most cases it will not be possible to do anything. If they had only called a week earlier, the bankruptcy attorney probably could’ve stopped the foreclosure by filing bankruptcy, buying the debtor some time to see if something can be worked out with the creditor to keep the house. When facing financial trouble, people shouldn’t be afraid to seek the advice of a bankruptcy attorney to see if personal bankruptcy will work in their situation.
Getting answers to those tough bankruptcy questions needs to be thought of before you make a decision when it comes to your financial problems. Finding the answers to help you understand your situation more clearly can help you make an informed decision about filing bankruptcy. Take a minute to call or fill out the form to have a FREE NO OBLIGATION CONSULTATION with a bankruptcy attorney in your area.