Should I declare bankruptcy?
Whether or not to enter bankruptcy is a really challenging choice. Many individuals do not own any belongings over and above what the law will allow them to keep, even if they do not pay their creditors. If this is true of you, then you may not need a bankruptcy in order to protect your assets.
A number of individuals find it helpful to file a bankruptcy case anyway simply because their financial situation is causing them emotional distress or major depression, or because they would like to free themselves of debt immediately, if legally allowed, and have their income and assets to themselves in the future. Also, quite a few people might find that a bankruptcy is worth filing even if they do forfeit some of their property.
If perhaps many of the following are true in your situation, you might look at bankruptcy:
An Individual’s wages have been garnished or your bank account has been attached Most of a person’s debts are unsecured debts like credit card bills, hospital or doctor’s bills, etc. A person’s total debt, not including your car or house loan, is more than you could pay, even over five or more years Collection agencies are calling you at home and/or at work Your payments are more than 30 days behind on more than one bill There are lawsuits pending against you You have high medical bills not covered by insurance You owe income taxes that you are currently unable to pay You have few property You have little or no savings You have had property repossessed (such as a vehicle)
Rules passed in 2005 make it more complex to file for bankruptcy.
You ought to find assistance of experienced bankruptcy counsel prior to deciding whether to declare bankruptcy.
More often than not, talking to a local bankruptcy attorney will provide you with your best solutions in terms of what steps make the most sense for your particular debt situation.
If you are facing debt challenges, typically, your best option is to discuss your situation with a bankruptcy legal professional. A local Stoneham bankruptcy lawyer can help you understand your options so that you can make a choice that is right for you.
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