When Should I File for Bankruptcy?Friday, January 19th, 2018, 3:24 pm
Deciding to file for bankruptcy can be one of the most challenging decisions to make. While filing for bankruptcy can help you get out of crippling debt, it also isn't without consequences. This means you need to seriously think about whether or not bankruptcy is the right option for you.
Let's take a look at a few things you should consider when deciding whether or not you should file for bankruptcy.
Can you pay more than the minimum on your credit cards?
Take a look at how much you're able to pay on each of your credit cards each month. Are you only able to make minimum payments? If so, you may want to consider bankruptcy.
Are you unable to pay for necessities with cash?
If you're constantly using credit cards for groceries, bills, and other necessities, and then struggling to pay them off, bankruptcy may be the right financial option for you.
Are bill collectors constantly calling you?
Bill collectors may be trying to collect funds from you that you don't have. If your phone is constantly ringing from bill collectors, bankruptcy may be the best option for you.
Are you overwhelmed by the thought of figuring out your finances?
Do you know that you owe money, but you don't want to deal with figuring out what you owe to who? Do you just ignore your bills instead? Bankruptcy can help you sort out your finances and give you a fresh start.
Are you not sure what you actually owe to debtors?
If you know you owe more than you're able to pay back – but you don't have a clue how much that actually is – you may want to consider bankruptcy.
Knowing whether or not bankruptcy is the right option for you can be a difficult choice. However, filing for bankruptcy when it is appropriate can help you get back on your feet. If you have additional questions about filing for bankruptcy or you'd like to start the process, contact the bankruptcy team at Michael F. Kanzer & Associates, P.C.
Call our Brooklyn office at 718.769.7200 for a free consultation.