Should you seek bankruptcy protection?If you are reading this blog, chances are that you are in debt and need some guidance. If you are like many of our clients, you are reluctant to talk about your debt or even consider the “B” word - bankruptcy. Don’t be ashamed about needing help. Before deciding if bankruptcy protection is for you, here are some questions to help weigh your options:- Is your current income level likely to remain the same?
- Do you bring home enough each month to pay your family’s reasonable and necessary expenses (including rent/mortgage payment, utilities, food, medical expenses and prescriptions, laundry and dry cleaning, child care, car payment, insurance)? - Do you have any disposable income left after paying your necessary expenses that you can use to pay your credit card bills and other debts? - Are you able to pay more than the minimum payments? If you cannot afford more than the minimum payments then you may be in an endless cycle of merely paying interest and penalties without reducing your debt. - Do you have trouble paying your mortgage if you pay your credit card payments? - Are you able to pay your necessary expenses in part because you rely on credit cards to pay for things like food and clothing? If the answer to these questions is anything other than "I am able to pay my monthly expenses and pay down my debt each month without needing to use my credit cards", you may need bankruptcy relief. If you do not have any disposable income after paying your necessary monthly expenses, chapter 7 may be a good option for you. A chapter 7 allows you to discharge regular debts and retain your exempt assets. If you do have some disposable income left but not enough to pay all of your unsecured loans or credit cards, a chapter 13 may be a good option. A chapter 13 allows you to retain all of your assets and pay your creditors an amount that is determined in part by your disposable income and the non-exempt value, if any, of your assets. If you are still reluctant to learn your bankruptcy options by speaking to an experienced bankruptcy lawyer, ask yourself, “Why?” Are you embarrassed? Well, don’t be. It's common! Bankruptcy relief has helped millions of people emerge from their crushing debt. Remember that good bankruptcy lawyers understand, they don’t judge. Their job is to provide you with options and that includes non-bankruptcy options. Are your remorseful? Do you think that since you incurred the debt you should pay it? If your situation is simply that you cannot keep up with the minimum payments of high interest loans and credit cards to the point your family is going without things such as medical care and necessities, don't let remorse or guilt guide you. Finally, contrary to many bankruptcy myths, you will survive a bankruptcy discharge, you will not lose all of your assets and you will rebuild your credit. We will guide you on how to rebuild your credit with smart choices. You have nothing to lose by learning your options. Remember, knowledge is power. 5/4/2022 06:30:35 am
I've been having a hard time filing for bankruptcy, and I'm not sure what to do about it. It makes sense that I would want to get a professional to help me out with this. They would be able to ensure that I put all of my expenses together properly.
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5/26/2022 11:09:41 pm
It captured me the most when you shared that a chapter 7 bankruptcy permits you to terminate regular debts and keep your exempt assets. My friend is thinking of filing for bankruptcy since he has lots of debts. I think he should turn to a bankruptcy law attorney to provide him with the best option.
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6/9/2022 12:54:59 am
My favorite part of this article is that chapter 13 is good for the business owners who has money to pay their loans. My cousin owns a business and needs to file a bankruptcy claim because of financial issues, and he asked last night if I have any idea what is the best option to consider. I wanted to thank you for your explanation about how he can find the best bankruptcy attorney for him, and I'll be sure to share this knowledge with him.
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6/10/2022 12:14:48 pm
Remember that good bankruptcy lawyers understand they don’t judge. I truly appreciate your great post!
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6/10/2022 12:32:27 pm
Credit cards to the point your family is going without things such as medical care and necessities don't let remorse or guilt guide you. Thank you for sharing your great post!
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From my point of view, bankruptcy may happen to anyone, especially to businesses and homeowners who have failed to settle their debts, which is why hiring a lawyer is important because the said professional will be able to help them identify the right chapter that they must file. This article was also able to explain the advantage of selecting Chapter 7, wherein it will help the clients liquidate their debts. Furthermore, if you're a person who is dealing with accumulated liabilities, I would suggest that you seek help from a Bankruptcy law firm in Dalton, GA. This company has received rewards and recognition from the American Bankruptcy Institute and the Southeastern Bankruptcy Law Institute; hence this made them qualified in terms of handling all types of cases related to Bankruptcy.
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6/21/2022 02:43:27 am
What an exciting read! If you do not have enough disposable income to pay off your obligations, are constantly harassed by creditors, or have unsecured loans to settle while the assets to make payments are unavailable, it is recommended to file for bankruptcy. However, before filing, consult with a bankruptcy attorney who can walk you through the whole process and assist you with your case.
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7/20/2022 11:55:36 am
I talked with my best friend a couple of days ago, and it turns out that he's dealing with major debt. I liked what you mentioned about exploring your options with a bankruptcy expert before filing for it, so I'll send a message to my friend and tell him about your insight. I appreciate your information on considering your income when filing for bankruptcy.
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8/25/2022 04:19:37 am
Very interesting to read! I feel it is critical to pay a closed or charged-off account when working to rebuild your credit history. Although it will not usually result in an instant boost in your credit rating, it can help you improve your scores over time. Furthermore, lenders and other firms are less likely to grant your application if you have outstanding debt balances on your credit record.
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9/8/2022 07:26:50 pm
Thank you for mentioning that a bankruptcy lawyer's responsibility is to present you with options, including alternatives to bankruptcy. My friend is going through bankruptcy and is trying to save his car so he can get some work done. I'll encourage my friend to get legal counsel from a bankruptcy lawyer and assist him throughout the procedure.
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12/7/2022 03:36:52 pm
Great tip about filing for chapter 13. My wife and I need to get an attorney. We want to make sure that we file bankruptcy properly.
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1/14/2023 04:36:36 am
I found it interesting when you said that having a solution for paying your mortgage could prevent bankruptcy. My brother owns a clothing comapny and needs a chapter 7 bankruptcy attorney consultation because of loans and taxes problems due to a lack of tax supervision. He asked last night if I had any idea what would be the best option for a proper process. I appreciate your explanation how he can find the best bankruptcy attorney for him, I'll share this knowledge with him.
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Barbaruolo Law Firm, P. C.
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12/15/2020
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