As a responsible citizen, you have always worked hard to provide for yourself and your family. You’ve done everything you can to pay the bills, balance the budget and be monetarily prudent. So when life happens and you face a financial crisis, it is easy to feel guilt or shame – but you shouldn’t. Especially during these trying economic times, you are not alone, and debt relief options such as bankruptcy are there to help good people get back on their feet. It may be time to consider that the bankruptcy option for debt relief is right for you.
It is understandable to feel anxiety and stress when facing these problems, but we are here to help you to remove any stigma you may be experiencing. If you are considering personal bankruptcy and wondering if this is the right solution for you, read on. This quick guide is designed to make your decision easier. Of course, you can always call a bankruptcy attorney to help with your decision.
Is the Bankruptcy Option Right for You?
If any of the situations below apply to you, a financial storm may be brewing – and speaking with a bankruptcy attorney could help to avert further problems.
Only Making Minimum Payments: Making minimum payments on credit accounts is perfectly acceptable for a short period of time – if you are between jobs, for instance. However, if making minimum payments is your way of life, a different approach is needed. This is because you are not making a dent in what you owe, and you will soon owe even more – as high-rate cards keep racking up additional interest on your balance. Bankruptcy can provide relief in this situation.
Monthly Bills are Piling Up: If you have cut out the luxury items from your lifestyle but are still struggling to pay your monthly bills, it may be time to correct the situation. While you may be able to reduce or delay some payments, some payments must be made to live and work – such as rent or mortgage payments, car loans, utility payments, and grocery bills. Whether you have lost your job, had your hours cut, or are recovering from an illness or injury, monthly bills don’t relent. If you can’t get out from under the pile of bills, bankruptcy is a viable option.
Legal Troubles are Mounting: If a creditor is suing you, you may not be able to satisfy the debt satisfactorily without filing bankruptcy. Doing so will legally protect you and slow down the collection or garnishment process. If you are in danger of being the subject of a lawsuit, call an experienced bankruptcy lawyer as soon as possible to discuss your own legal rights and options.
They are Garnishing Your Wages: Once your debt reaches a certain point, some creditors may take action to garnish your wages – pushing you even deeper into a financial crisis. Delinquent alimony or child support payments are two of the more common reasons wages are garnished. However, a court judgment against you regarding a personal loan or credit bill can also result in garnishment. Bankruptcy can protect your wages and income.
A Lien Was Placed on Your Property: If a lien has been placed on your real property, especially if it is your family home, you must take steps to protect it. Consult with a Sarasota bankruptcy attorney as soon as possible to stop the harassment and prevent rapid eviction from your home.
The best way to assess whether personal bankruptcy is appropriate for your situation is to ask someone who knows. Richard V. Ellis is a bankruptcy attorney serving the Sarasota community for decades. Call today to learn more about the significant benefits of bankruptcy and how the process can help you to get your life back on track.
