Asking yourself if bankruptcy is the right decision can be difficult. There is no guide to follow that can determine if this is the right option. However, there are indicators that you can use to help with this decision. At Notinger Law, we have served many clients, from both New Hampshire and Massachusetts, in regards to bankruptcy filings. We understand that the decision is difficult and one that should not be made lightly. When you are dealing with overwhelming debt, seeking legal counsel can relieve some of this burden. Our attorneys can provide insight into filing for bankruptcy and help you better understand the process so you can feel better about your decision, whether you choose to file or not.
Any individual may need to file bankruptcy at some point in time, no matter your social background or job title. Even the most responsible people can fall on hard times and end up needing to file for bankruptcy to get back on their feet. Unexpected medical bills, losing a job and divorce are common reasons behind the need to file for bankruptcy.
Consider your current financial situation. Have you already lowered your monthly living expenses as much as you can to pay your debts? Perhaps you have secured lower interest rates on debt and pay lower payments each month, only to continue to fall behind. If you still feel like your debt is out of control, then it is time to consider bankruptcy.
When to Consider Bankruptcy
There are a few factors that can be viewed as contributors to when you should know that bankruptcy needs to be considered. Read the following and check off all that applies to you.
- Foreclosure of your home is looming
- You have already been sent a foreclosure letter on your home
- Eviction is being threatened by a landlord or you have been evicted
- Vehicle repossession has taken place or about to happen
- You are one month or more behind on bills
- Medical bills not covered by health insurance are unable to be paid
- Bill collectors continue to call your home all hours of the day and night
- A lawsuit has been filed against you by a creditor
- Garnished wages
- Frozen bank account
- Currently unemployed and falling behind on bill payments
- Incurred debt due to begin unemployed
- Timely payments are not cutting down a high debt balance
- Just divorced and having trouble with finances
These are just a few examples as to when one should consider filing for bankruptcy. This is not a decision to be taken lightly. If you find that you are struggling, speak to an experienced attorney who knows the laws regarding this filing. By reviewing your individual case, our attorneys will be able to determine if bankruptcy is the right option for you and help you to make a decision. You can learn the best options to deal with your financial situation and get back on solid ground as quickly as possible. Let the experts assist you in learning more about how to file and the many benefits of bankruptcy when financial situations become too hard to bare.