If you’re swimming in debt and often find yourself stressing over how in the world you are ever going to pull yourself out, it may be time to start seriously assessing your situation and contemplate filing for bankruptcy. Just looking at your options and making some decisions can be very empowering.
Seven Signs You Should Consider Chapter 7
If you’re reading this article, you are obviously already looking into your options. And that’s a good thing; you’re at least beginning the process of solving your financial problems. So, how do you know if it’s time to start seriously contemplating bankruptcy?
Here are seven signs you can look for:
- Your paycheck doesn’t cover all of your bills. You’re unable to pay even your essential bills or minimum debt payments.
- You are behind on your mortgage payments or are forgoing essentials (like prescriptions and nutritious food) just to pay your minimum credit card payments.
- You have more debts than you do assets.
- You are beginning to worry that your paycheck is going to be garnished.
- You have tried to negotiate with your creditors, but they won’t work with you, or even their best offers simply aren’t enough to help you stay afloat.
- Your caller ID is your best friend because of all the creditors calling you.
- You dread paying bills and start to feel anxious every time you think of bills or money.
Filing Chapter 7 Can Be Very Beneficial
The good news is that there is hope. There are legal remedies and resources to help get your financial life back on track. The primary benefit of filing a Chapter 7 is that it essentially wipes your slate clean. Most of your debts can be forgiven (sans child support, alimony, taxes, and student loans) and you will no longer have to suffer under the weight of massive debt.
Should you file Chapter 7, there are ways you can save your home and your car from being foreclosed and repossessed. If your case is successful, your paycheck will be spared garnishment, creditors will leave you alone, and you may actually be able to get a good night’s sleep without stressing about your financial plight.
Discussing Your Options with a Bankruptcy Attorney in Richardson
Bankruptcy can offer people a new start, but not everybody qualifies and it’s not without its drawbacks. You’ll have to rebuild your credit, for example. But, in a large number of cases, those who recognize the signs above discover that bankruptcy provides invaluable relief.
To determine if a Chapter 7 is the right choice for you, we encourage you to speak to a bankruptcy attorney in your area.
Your lawyer can assess your situation, determine the most beneficial route for you, and then advise you on how to proceed. Your lawyer will also clue you into common mistakes people filing bankruptcy often make, and how to avoid doing things that could really damage your case.
For legal help in the Richardson area, contact a bankruptcy lawyer at Warren & Migliaccio today at (888) 584-9614.