If you find yourself in danger of having your wages garnished or losing your home, you might consider filing for bankruptcy, but how can you be certain that it’s the right way to solve your financial problems?
While the advantages of bankruptcy may seem enticing, the disadvantages can be difficult to live with in the years after filing, especially as it pertains to your credit score. Additionally, there a several types of debt that aren’t usually wiped out after bankruptcy, such as mortgages, student loans, taxes, child support, and alimony. However, there are a number of circumstances when bankruptcy is the best way for someone to escape the stifling shackles of financial uncertainty.
The greatest factor to consider when deciding whether or not you should file for bankruptcy is income. If you’re currently receiving no income and your debts are growing fast, then filing for bankruptcy could be the best way for you to effectively manage your situation. As you consider whether filing for bankruptcy is the best choice for you, ask yourself the following questions.
- Have you offered a plan of solution to your creditors?
- Could you settle your debt by selling your assets?
- Have you sought the help of a credit counselor?
- Are your wages being garnished?
- Do you have substantial medical bills that your insurance will not cover?
- Are your creditors taking legal action against you?
If these questions lead you to believe that bankruptcy is the best option you have, then now is the time to act. Putting off dealing with your debt for too long can cause you to incur harsh penalties that could add years to your financial recovery. Contact the professionals at Vivian Law Firm to get a free initial consultation with a skilled and experienced bankruptcy attorney who can help you find a path to financial freedom.