Good question. If you are considering filing a bankruptcy, these are a few signs that bankruptcy is right for you:
- Have you missed one or more mortgage payment? When you fall behind on your mortgage, it can be difficult to catch up on the payments. If the mortgage company is not willing to work with you, bankruptcy can help you get current on your mortgage. Once you have been served with a foreclosure notice, you need to act fast. Bankruptcy can help but you must file before the date of the sheriff sale. Once the property has been sold at sheriff sale, bankruptcy cannot help you get back your home.
- Have you missed one or more car payment? If your car company is not willing to work out a payment arrangement, bankruptcy can help you keep your vehicle and get current on the payments.
- Are you behind on rent? If you are behind on your rent, bankruptcy can help you keep your home and catch up on the rent owed OR you can get rid of the debt. This depends on where your landlord is in the eviction process. Click here to know the eviction process.
- Are you able to only pay the minimum monthly payment each month on your credit cards? On your credit card statement, the credit card company has a minimum payment warning. The warning states that if you only make minimum payments on the balance owed, then it will take X number of years to pay off the balance shown on the statement and that by the time you will pay off the debt you will have paid an estimated $X. If the number of years and total begins to climb, then bankruptcy may be for you.
- Are your bills more than your monthly income? Bankruptcy may be able to help lower your monthly expenses by helping you get rid of certain kinds of debt.
These are just a few of the signs that bankruptcy is right for you. You need to talk to a bankruptcy attorney, know your options. If you have any questions, please call or request online a free initial consultation.