Since so many people are faced with unemployment , high medical bills and underwater mortgages, they are being forced to reassess their personal situation and make important decisions that will impact their financial future. Filing Bankruptcy is one of the most important decisions you will make, and it should be an educated one, if your debt has reached an unmanageable stage, then you should consider bankruptcy.
Have exhausted your resources. If you have tried to negotiate with your creditors and they have not budged or if you are unsatisfied with the terms of your agreement, bankruptcy might be a better option.
Do your liabilities exceed your income? If your monthly payments cost $5,000 a month, but you are only bringing in $2,000 * you have a problem. There is no way that you would be able to compensate for the deficit .
What types of debts do you have? If a majority of your debts are unsecured such as medical bills, credit cards and old taxes * then bankruptcy is a good solution.
Do you want to keep your home from going into foreclosure? If this is the case, filing for Chapter 13 bankruptcy would allow you to pay all or a portion of your debts over a three to five year period. This is a debt reorganization bankruptcy that allows you to pay monthly payments at a rate you can afford.
Have you exhausted all other options?
Borrowing money from one source to pay off another source only serves to increase your total debt load, as opposed to reducing it. Borrowing can be a downward spiral for many individuals and a significant warning sign of trouble.
So you decided to file Bankruptcy
During a free consultation a Bankruptcy attorney will be able to give you a good idea of what you should do next. Contact a Clearwater Bankruptcy Attorney today!
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