There are many factors to consider when thinking about filing for personal bankruptcy. First and foremost, how much debt to you have? The rule of thumb is that if you do not believe that you will be able to pay off all of your unsecured debt (debt not included houses and cars) within six months, you should consider bankruptcy.
Second, how is your credit score now? If your credit score is already low, there is no downside to filing bankruptcy. Not only will it eliminate your debt and allow you to finally save money, but it will improve your credit score so that you will be able to qualify for a house, or a car, in the near future. Not 7 to 10 years, but likely within 2 years.
Are you facing a wage garnishment, frozen bank account or a foreclosure? If so, it is very likely that you need to file for bankruptcy relief and that bankruptcy is your best option. Filing a Chapter 7 or Chapter 13 bankruptcy immediately stops a wage garnishment in its tracks.
It isn't too late. Even if the case has already gone to court and a Judgement has been entered against you, it is not too late. In fact, you may even get some of the money back that has been taken from you if in fact some has already been taken.
Bankruptcy stops a foreclosure, specifically Chapter 13. If you are behind in your mortgage and are not able to catch up, and you want to save your home, or at least delay the sale, Chapter 13 is right for you.
When you call my office I will ask you a few quick questions to determine if you should file for bankruptcy and if you qualify. I will ask you how much debt you have, whether or not you are married, how much you earn (and your spouse if you are married), whether or not you own a home, and if you do own a home, is there any equity in your home. Within 5 minutes I will be able to answer your most important questions and set you on the right track.
If you are considering Chapter 7 or Chapter 13 bankruptcy, call us today for a free consultation. If bankruptcy is right for you, we are the right firm.