How to Tell If You Should Consider Filing for Bankruptcy

Monday, July 27th, 2015, 1:52 pm

Filing for bankruptcy is something most of us try to avoid, but it may become a necessity for the current and future financial well-being of you and your family. There’s a thin line between struggling to make ends meet and the need to declare bankruptcy, but how do you know when it’s time to accept you may be on the side of the latter? It’s a difficult decision to make, and the bankruptcy attorneys at Michael F. Kanzer & Associates, P.C. are here to help walk you through it and provide legal advice and action every step of the way.

 

If these statements sound like you and your financial situation, you should consider looking into the bankruptcy process:

“I only make the minimum payments on my credit cards”
“The bill collectors won’t stop calling”
“Thinking about sorting out my finances scares me.”
“I use my credit card for everything – even necessities”
“I’m considering debt consolidation.”
“I don’t know how much I actually owe.” 

If two or more of these statements took the words right out of our mouth, you may want to consider what filing for bankruptcy can do for you. To further evaluate if you owe more than you can afford to pay, take an estimate of your liquid assets, including: real estate, cars, college savings accounts, retirement funds, stocks and bonds.

 

Using a rough total of these estimates, compare it to the total bills and credit statements you owe. If your worth is less than your debt, declaring bankruptcy should become a serious consideration.

 

Bankruptcy has the ability to help you out of a bad financial situation, but its important to fully understand the pros and cons before declaring. It’s a scary path to take, but if you’ve come to the conclusion you cannot pay back your debt on your own, it might be the right one for you and your family.

 

Don’t let your debt accumulate even more before you decide if filing for bankruptcy is right for you. For more information on filing for bankruptcy, including determining what chapter is best for you, contact a Brooklyn bankruptcy lawyer.

 

For questions about if filing for bankruptcy is right for you, please contact an expert Brooklyn bankruptcy attorney at Michael F. Kanzer & Associates P.C. We have helped hundreds of individuals discharge their debts by providing our clients with expert protection against Chapter 7, Chapter 11, Chapter 12, and Chapter 13 bankruptcy for more than a decade.

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Category: Bankruptcy Law


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