Signs You Should File a Personal Bankruptcy

April 7, 2016 - Categories: Legal Articles

Are your finances “bad enough” to file for bankruptcy protection? Do you qualify to have your debts discharged? When is the right time to file your case? If you are asking yourself these questions, it is time to seek help from a debt relief attorney.

There is no magic formula for determining the perfect time to file a Chapter 7 or Chapter 13 case, but below are a few signs that filing bankruptcy may be the best option for resolving your financial struggles:

  • Your mortgage lender is threatening or proceeding with foreclosure of your home
  • You have assets being repossessed by creditors
  • There is a garnishment (or several) pending against your paycheck and/or bank account
  • A collection lawsuit has been filed (or threatened) against you
  • You are being harassed by debt collectors
  • Most of your debt is unsecured debt such as credit cards and medical bills
  • You are delinquent on paying your taxes
  • You will not be able to pay your total debt within five years (not including your mortgage and vehicle loan)
  • You are barely making ends meet or you have no savings
  • You have costly medical bills and no insurance

The above list is not exhaustive, but it gives you an idea of the types of financial situations that warrant seeking debt relief in bankruptcy. Let us review your individual financial situation and help you understand your legal options. We will explain how filing a Chapter 7 or Chapter 13 will impact you and we will walk you through the process step by step.

To learn more, contact Access Legal Care, PLLC. We pride ourselves on offering quality debt/credit-related services with fees that are, on average, 40-60% lower than other firms. We have low initial retainers for bankruptcy cases, and low overall costs that include the filing fee. Contact us by calling 855.583.6521 or visit us online to schedule your initial consultation.