Since each case is different, it is important that you find an experienced, knowledgeable bankruptcy attorney to help you through the bankruptcy process. Below are some common things to consider if you are considering filing a bankruptcy case.
Do Not Use Savings, Retirement, or Equity to Pay Debts
Do not use your savings, retirement funds, or obtain a home equity loan to pay of your creditor cards and unsecured debts. Those assets are exempt and if you use those exempt assets to pay your creditors, you are possibly giving those assets to you creditors even though you could exempt those assets if you filed a bankruptcy case. Our exemption laws are made to make those assets exempt from the reach of your creditors, so please consult with a bankruptcy attorney before you liquidate those exempt assets which you have worked so hard for.
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List Your Debts - Make a budget
Make a list of all of our monthly bills - housing, utilities, student loans, food, gas, cost repairs, tithing, student loan debt and creditor card debt and other unsecured debt. Compare that to your monthly income. If you can not pay all of your bills and pay off your unsecured debt within six months to one year, you should consider a bankruptcy filing. Be realistic on your budget. Don't budget $200.00 a month in food for a family of four. Sitting down and doing a quick budget as you pay your bills will help you and your spouse decide if a bankruptcy filing is an appropriate consideration.
Danger Signs
If you are considering bankruptcy, you should look for the danger signs that you are in over your head. Warning signs include the follows:
1. Are you only making the minimum payments on your credit cards?
2. Are you using your credit cards to purchase necessities (food, gasoline) because you don't have enough money to purchase those necessities each month after you have paid your bills?
3. Have you obtained a "pay day" loan or "title loan" because you had a bill you had to pay, but simply didn't have the money to pay it.
4. Have you put your student loans in deferment because you can't afford to make the minimum payments on those loans?
5. Have you repeatedly missed a mortgage payment or car payment because you believed that other bills had to be paid?
Talk to an attorney
If you are considering filing a bankruptcy case, consult with an experienced bankruptcy lawyer to learn your options. Make a list of the questions that you have before the meeting. If you are married, bring your spouse to the initial consultation so that you can both learn of the bankruptcy process. If you have received a letter or other document that concerns or scares you, bring it to the meeting so that you can show it to the attorney or paralegal at the meeting. By law, bankruptcy attorneys must explain your option to file both a Chapter 7 and a Chapter 13 bankruptcy case, so make sure you are advised about the differences between those two very different types of bankruptcy filings.
Bankruptcy is a legal, moral and ethical way in which to address overwhelming debt and creditor harassment. Most creditors have attorneys and you should consult with an attorney as well. Debt will cause you to have legal issues and most law firms give a free initial consultation and you can learn of your options at that time.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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