When deciding whether or not to file for banktuptcy it is important to understand exactly what circumstances dictate .People often wonder if bankruptcy is the best option, and perhaps the best way to approach this question is to state when bankruptcy is not the best option.
If you have the ability to pay off all of your debts within six months of today, bankruptcy is probably not the best option. If you make a very high salary and your credit score is high, bankruptcy is not a good option. If you have the ability to sell your property and pay off all or most of your debts with the proceeds, bankruptcy is not going to help.
If you are on this website looking for information about bankruptcy, chances are bankruptcy is the best option. If you have unsecured debts, such as credit cards, medical bills, repossessions, judgements, garnishments, and you cannot afford to pay them, Chapter 7 bankruptcy most likely is the right option. If you those types of bills and make a high salary, Chapter 13 might suit you better. If you are behind on your mortgage and need to stop a foreclosure, Chapter 13 is the bankruptcy for you. If you have a lot of equity in property but still have a lot of debt and need a long term payment plan, without interest, Chapter 13 would be a great option.
The only way to truly find out if bankruptcy is the best option for you is to call us at (410) 766-4044 or (301) 589-8700 and speak to an attorney. All phone, e-mail and office consultations are free, so call today and take the first step to financial freedom.
