When it comes to filing for bankruptcy different thresholds exist for when it is time to call it quits and throw in the towel. For many clients filing for bankruptcy comes after months of calls from creditors threatening to garnish wages or threatening to take you to court for not paying your debts. The media bombards us with nightmarish tales of bankruptcy and the stigma that we assume will follow often deters seeking assistance. With all this going against you how do you truly know when it is time to throw in the towel, meet with a bankruptcy attorney and file for bankruptcy?
If you think you are reaching the financial danger zone there are a few questions you can ask yourself to determine if there is a way out or if bankruptcy is the only option.
First, look at the payments you are currently making on your outstanding debts. Are you only making the minimum payment?
The next thing to address is the issue of creditors and harassing phone calls. Do you find that you can’t make it a day without getting a phone call from someone that is seeking to collect on a debt that you owe?
When you begin to think about getting your financial house in order and sort out your finances do you get nervous? Are you plagued with nightmares when you think about creating a budget?
Have you taken the time to add up the exact amount that you owe? Is debt consolidation a consideration? Does the amount of money that you have coming in make it feasible to buckle down and get ahead within the next five years?
If you can answer yes to any two or more of the questions listed above then it may be time to seek out the advice and counsel of a local bankruptcy attorney. Bankruptcy is a definite option to assist you through uncertain financial times. If you owe more than you can afford to pay while continuing to live a minimal standard of living then it is time to give bankruptcy a fair consideration.
You can seek relief from bankruptcy by voluntarily filing or if creditors ask the court order you to file for bankruptcy protection. In either situation you will want to consult with a bankruptcy attorney to determine the next course of action for your current circumstance. There are two different types of bankruptcy laws you can file for protection under: chapter 7 and chapter 13. Meeting with an attorney that specializes in bankruptcy will allow you to proceed in the most appropriate manner.
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.