Asking oneself "if bankruptcy is really necessary for me" can be one of the more intimidating questions we ask ourselves when considering a solution for our finances. However, sometimes the bankruptcy solution turns out to be that 20 lb sledgehammer to drive a small 1 lb nail; and more than is needed for a particular situation.
What one doesn't want to do is put too much credence in what a friend, family member, or work colleague has to say about bankruptcy, unless they have intimate familiarity with the programs that are available. You wouldn't put confidence in your dentist to resolve acute pain in other areas of your body, would you?
When Should I Really Consider Bankruptcy?
Bankruptcy is a body of law made available by our federal system to provide for financial relief; so there is nothing illegal or immoral about it. One simply needs to determine whether it is right for a situation, and should seek professional advice in coming to that conclusion.
It may be necessary to file for bankruptcy if:
- You are being sued by creditors.
- You are behind on your mortgage and facing foreclosure or car repossession
- Your wages are being garnished
- You are turning to retirement funds to pay for your debts
- Paying off all your debts will take more than 5 years
- Your debt keeps growing despite making monthly payments
While bankruptcy may not be the right fit for everyone, it can be a lifesaver for individuals who are too overwhelmed with paying back their debts. Talk to an attorney about your situation to see if bankruptcy is the right option to help put you back on the road to financial stability.
Schedule a Free Consultation to Learn More
Most bankruptcy attorneys, including our office, are willing to provide an hour of free consultation, to help determine if the program is right for you; and I guarantee that consultation is worth the price of admission. Get the pun?
All of the prospective clients we consult with leave feeling great levels of relief about their financial issues, and better than half depart without deciding to undertake a bankruptcy case.
Don't agonize further about your rights or the relief that may be available to you; make an appointment with an attorney at the Debt Relief Legal Clinic today to set your mind at ease.