Clients frequently ask me questions like:
Do I really need to file for bankruptcy?
Is there a certain amount of debt that I should have before I file?
When should I file bankruptcy?
These are all valid questions and should be discussed with an experienced bankruptcy attorney before you file a bankruptcy. The answers to these questions will differ from person to person since each situation is different. However there are some basic guidelines that I give to clients who are considering filing for bankruptcy. The first thing that I ask is "are you able to pay off your creditors in three to five years without putting yourself and your family on a starvation budget". If you are able to pay off your debt in three to five years, you should do that. However, if you are using money to pay your credit card bills that you need to live on, then you should consider filing for bankruptcy.
For other indications that it is time to file for bankruptcy, check out my article: 3 Signs that it is time to File Bankruptcy.
If you are ready to get out of debt, contact me or call 320-2010 for an appointment . We will put you on the path to taking control of your finances.