How do you know if it is finally the time for you to throw in the financial towel and start a serious discussion about filing for bankruptcy? The term itself is one that invokes an array of emotions: failure, sadness, defeat, relief, disappointment and more. Bankruptcy doesn’t just involve individuals it is also something that can occur to corporate companies. In a world where living in debt seems to be the norm how do you know when it is time to finally call it quits and meet with a bankruptcy attorney to seek relief.
When assessing if you are in the financial disaster zone there are a few questions to ask yourself.
1) Is it only financially possible for you to make the minimum payment on your credit cards?
2) Do you have bill collectors calling you on a regular or semi-regular basis?
3) When you think about sitting down and working out a plan for your financial future are you scared? Do you feel like your life is spinning out of control?
4) Are you using your credit cards for necessities such as gas and groceries?
5) Have you considered debt consolidation?
6) Does it make you nervous to total the amount you actually owe?
If you have answered yes to more than one of the questions about it is possible that you need to give our financial situation a serious look. Bankruptcy is a very viable solution when you actually owe more than you can afford on a regular basis.
The first step is to make a list of your liquid assets. This should include items such as real estate, stocks, bonds, college savings accounts, non-bank assets, real estate and more. A rough estimate of these figures should be good enough for these purposes.
The next step is to create a detailed list of bills and credit card statements. When the value of your assets is less than the amount of debt that you owe one way out of this situation is speaking with a bankruptcy attorney and declaring bankruptcy. This is not an issue that is ever easy. Bankruptcy is not a simple, sure all for debt that is spinning out of control.
Bankruptcy can happen in two different manners. The most common routes for individuals and corporations is to voluntarily consult with an attorney who will assist you through the proper channels in filing bankruptcy. A second manner in which bankruptcy is filed is that creditors ask the court to order individuals into bankruptcy.
Bohikian Law Group specializes in chapter 7 and chapter 13 bankruptcies in Michigan. Contact us today to find a bankruptcy attorney that will help you in debt relief at http://www.bohikianlaw.com/ today.