Signs You May Want to Consider Filing for Bankruptcy

Signs You May Want to Consider Filing for BankruptcyAs life can be unpredictable and circumstances can often leave people in a stressful and worried state on their finances, knowing when it’s time to consider filing for bankruptcy can be important. As many people are struggling to make ends meat and exhausting their savings, it’s difficult to know the ideal time to file for bankruptcy so that you can prevent the chance you may lose your most important assets. There are many people living in a state where they can answer their phone, they are constantly dealing with harassment from collection agencies and their bills feel insurmountable. If you find yourself relating to some of these situations, here is what you should know about filing for bankruptcy:

Here are some top signs that may help you decide if it’s time to start talking to a bankruptcy attorney:

You have a vehicle that is due for repossession: if you fallen behind on your payments, you might be in a position where you are routinely hiding your vehicle so that it can’t be towed or repossessed. 

You aren’t able to make enough money to pay your debts: if you find yourself in a situation where you’re skipping the minimum monthly payments because you don’t have enough money to make all of the payments, you might find yourself regularly getting late fees on your credit cards in addition to the interest that you’re already accumulating. When you’re starting to get into late fees and interest charges, this can make it more difficult for you to pay down your debts and you might find yourself even deeper in the hole with no way to get out. 

The department of revenue or IRS is threatening to seize your assets: The department of revenue or IRS may start to threaten to seize your bank account, assets and wages if it’s been some time since you’ve paid off your overdue taxes. If you’re facing these calls regularly it’s important to contact a lawyer so that you can manage your federal debts.

You’re receiving lawsuits from your creditors: creditors can begin to open up lawsuits in your name if you fallen behind considerably on your debts. Judgment executions, lawsuits, calls from creditors and more can continue to add to your stress and it may be wise for you to consider contacting a bankruptcy attorney so that you can stop receiving these threatening phone calls. 

You’re facing a foreclosure on your home: when you fall behind on your monthly mortgage payments a chapter 13 bankruptcy is an excellent option that can provide you up to five years break on current delinquent payments and the ability to restructure your debt so that you can continue to pay your mortgage. 

Talk to Your Bankruptcy Attorney Today

Our law firm wants to help you create a structured plan for your bankruptcy process. It’s time for you to start regaining control of your financial future and getting out of debt. Our bankruptcy lawyers have years of experience and we have handled hundreds of chapter 7, chapter 13, and Chapter 11 bankruptcy cases. We want to work with you at our law firm to present you with options for the best in asset protection throughout your bankruptcy. With our help, you can feel in control of your finances once again and access the best support throughout your bankruptcy processes. 

Contact us today to learn more about filing for bankruptcy. We can make sure the process of filing can be done easily and that you can finally ease your stress on your financial concerns.