When To Consider Bankruptcy
Bankruptcy is one of many options for those struggling with debt. While bankruptcy isn’t a decision that should be entered into lightly, it is important to realize that if you are in the midst of a financial crisis you need to take action. You may wish to review your financial situation with a bankruptcy attorney since it can be difficult to wade through all the different options, considerations, and pros and cons for your particular situation. Keep in mind that bankruptcy is not the best choice for everyone, but taking immediate action can help you avoid financial disaster.
Some signs that you may be in over your head and need to seek help include:
.You have taken payday loans to meet basic budget obligations or bills
.You find yourself juggling bills each month
.You have no emergency fund or savings
.You have been threatened with foreclosure or repossession
.All of your credit lines are at or near their maximum limit
.Falling behind on home or auto payments or paying on “the last day”
.Making minimum credit card payments
.Paying one card with another
.Purchasing necessities, such as food and medicine, with credit cards
.Sudden termination of a credit card or credit line or a jump in the interest rate
.Lack of health insurance or other necessary insurance coverage
.Financial concerns are beginning to affect your health, work, and family relationships
A bankruptcy attorney should review all of your options with you, such as debt negotiation and mortgage foreclosure defense, not just bankruptcy. Contact the law offices of Georgette Miller and Associates, P.C. experienced professional bankruptcy lawyers that can help you avoid bankruptcy and discuss alternatives. If you do need to file for bankruptcy, your attorney will thoroughly explain the chapters of bankruptcy available to you and the pros and cons of each.