Should I enter bankruptcy?
When to apply for bankruptcy is a very personal decision. Many men and women do not possess any possessions over and above what the law will allow them to keep, even if they do not pay their creditors. If this is true of you, then you may well not need a bankruptcy in order to protect your assets.
Some individuals find it beneficial to file a bankruptcy case anyway due to the fact their financial circumstance is causing them emotional stress or depression, or because they really want to free themselves of debt now, if legally allowed, and have their income and belongings to themselves in the future. Furthermore, several individuals could find that a bankruptcy is worth filing even if they do lose some of their belongings.
Should a number of of the following are true in your situation, you could possibly look at bankruptcy:
An Individual’s wages have been garnished or your bank account has been attached
Most of an Individual’s debts are unsecured debts like credit card bills, hospital or doctor’s bills, etc.
Your total debt, not including your car or house loan, is more than you could pay, even over five or more years
Collection agencies are calling you at home and/or at work
A person’s payments are more than 30 days behind on more than one bill
There are lawsuits pending against you
You have high medical bills not covered by insurance
You owe income taxes that you are currently unable to pay
You have few assets
You have little or no savings
You have had property repossessed (such as a vehicle)
Regulations handed down in 2005 make it a lot more complex to enter bankruptcy.
You need to seek out guidance of competent bankruptcy legal professionals prior to deciding whether to enter bankruptcy.
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