Should I File For Bankruptcy?
Dealing with financial crises is difficult. If you find yourself asking the question, ‘Should I file for bankruptcy?’ then it is time to seek out legal help. Contrary to perception, filing for bankruptcy does not leave you without a home or possessions, if handled professionally. Whether you are facing harassment in the form of collection calls, or you are in danger of losing your home, or you now want to start over again, filing for bankruptcy can give you a new start.
Call Now for Immediate Help (855) 254-7841.
Some scenarios when you should consider filing for bankruptcy
- If you are already repaying a debt but the amount isn’t reducing. It may even grow larger through interest accumulated over time. This can include home mortgages
- If your debts are such that you are tempted to make repayments from out of savings funds, including your retirement fund, it may be time to declare bankruptcy
- If you have dependents, such as children, and you are a single mother, you may need to file for bankruptcy just so that your dependents do not suffer
However, there are different kinds of debts that can be discharged under different categories of bankruptcy.
- Individuals can file Chapter 7 or Chapter 13
- Businesses can file under Chapter 7 for liquidation or Chapter 11 for reorganizing
- Family farmers and fishermen can file under Chapter 12 for debt relief
- Parties from more than one country can also file for bankruptcy under Chapter 15
Debts can be discharged and you may even be allowed to keep all of your assets or possessions. A professional bankruptcy lawyer can guide you through whether you can file for bankruptcy or not and if yes, what kind of filing can you make. A debt which is not dischargeable under one chapter may be dischargeable under another. Some chapters allow a discharge after completion of all designated payments.
What we do
At Legal Rights Advocates, we are a team of lawyers who understand bankruptcy. But more importantly, we believe in connecting with our clients to understand them better and help ease their anxieties. Understanding our clients better also helps determine the kind of bankruptcy applicable, thus arriving at a more effective solution. At times, this has allowed our clients to rebuild their credit and lead a normal life again.
Give us a call at (855) 254-7841 to discuss your situation and discover whether filing for bankruptcy could work for you or not.
Resources:
