When Should I File for Bankruptcy?

2013_09_17Having financial burdens that are bigger than you can afford to pay can be an incredibly stressful situation to find yourself in. As the months go by, and the debts pile up and get worse, it can feel overwhelming.  Bankruptcy is one possible solution when you find yourself facing financial hardship – but how do you know if filing for bankruptcy is a good option for you?

If you find yourself in a situation where, after paying for your basic life necessities, you just don’t have enough to satisfy your consumer debts as well, bankruptcy could be a possible option. You should consult a bankruptcy attorney to learn more about your options, as there are many reasons why it may be to your advantage to file at a specific time. An attorney can help you to protect your assets, as well, to the fullest extent permitted under the bankruptcy code. Assets such as retirement accounts, your home, your cars, etc. are all things that could potentially be protected from liquidation.

Filing for bankruptcy will stop the creditor calls immediately – in fact, it would be illegal for a creditor to continue to call you for collection of the debt while your bankruptcy is in progress. If the thought of sorting out your finances makes you feel scared, or out of control, and you are getting collection calls, consulting with a bankruptcy attorney could be the first step to getting yourself back on the path to financial health.

Bankruptcy doesn’t need to be a scary process –and knowing that your finances are back under control, and at a manageable level, can be liberating. If you’re considering filing for bankruptcy, the best thing you can do is to talk to a legal professional who specializes in just that. Most initial consultations are free of charge, and you will be able to learn more about your options, what possible solutions there are, and you will be able to “test the waters” with the attorney to make sure you feel comfortable with their knowledge and expertise.

Don’t let your finances continue to be out of control – start working toward a better financial future by considering all your options and finding the one that will work best for you.