Drowning in debt may seem like the end of the world but thankfully you have a few different options to relieve yourself from debt. While filing for bankruptcy will alleviate your debt, it is not always the best choice. Many consider filing for bankruptcy when they tried every other option. To be certain that this is the route you want to take, you should speak to a bankruptcy attorney to discuss your specific situation.
First, you want assess your financial situation. If you are using credit cards to pay for necessities, only making minimum payments on your credit cards, bill collectors are calling you, or unsure how much you owe, then you are in the danger zone. You need to calculate your liquid assets, which can include retirement funds, real estate, and vehicles. After, add your bills and credit statements to see how much you owe. Compare the amount of debt to the value of your assets and if you owe more than you can afford, you need to consider filing for bankruptcy.
You may find yourself in other situations that call for bankruptcy as well. For example, having a home for your family is essential to survive, so if your home is nearing foreclosure you can file for bankruptcy to keep your house. If you lost your job for a long period of time, you may need to file for bankruptcy especially if you don’t have unemployment income or savings. You will also want to consider bankruptcy if you have delinquent taxes or pending lawsuits for delinquent bills. These are large financial burdens that are difficult to escape without some type of assistance. If any of these situations apply to you, consulting with an attorney is your next step.
For over 17 years, the Vivian Law Firm handled a variety of bankruptcy cases. Attorney Matthew J. Vivian continues to provide his clients with honest and skilled legal representation. If you are struggling with debt, contact Vivian Law Firm today for a free initial consultation.