It happens to many people: the debt slowly builds until you can’t keep up with it anymore. According to the American Bankruptcy Institute, in January there were nearly 55,000 filings in the U.S. So filing for bankruptcy is not only common, but it can be the best solution to your financial situation. Whether you’re facing foreclosure, struggling with wage garnishment, or battling medical bills, bankruptcy could be the fresh start you need!
There are some easy, no obligation steps you can take when considering bankruptcy.
Assess Your Finances
While you’ve probably already felt the pressure and stress of your finances, you still need to determine if bankruptcy is for you. The very first place to start is assessing your financial situation to determine if it’s the right option for you, and if so, which kind. During the initial consultation to explore bankruptcy and alternatives, I help my clients look at the following five areas:
● Income and Expenses
● Assets
● Creditors
● Transactional Issues
● Timing
These areas will help point you in the right direction of whichever kind is best suited to your particular needs. There are many types of bankruptcy and each has different requirements. I specialize in Chapter 7 and Chapter 13 bankruptcy, which are fit for individuals or small business owners. Your assessment of your situation will help determine which one is the best fit.
Find an Attorney
Bankruptcy doesn’t have to be a painful process, but it can be complicated to pursue on your own. A good attorney will help put your mind at ease and walk with you through the entire process. You’ll want to work with someone who’s nonjudgmental, really believes in the process, and works to support you. Some attorneys use scare tactics, but I don’t believe in that. Many years of experience with Chapter 7 and Chapter 13 have shown me just what kind of financial freedom bankruptcy can bring. Hiring attorney also doesn’t have to be expensive, I am here to help so I keep my costs affordable.
If you’re considering bankruptcy, start with these simple steps down the road to the fresh start and freedom you’ve been searching for. Don’t live under the weight of your debts anymore. I’d be more than happy to help you explore your options, contact my office today!