During difficult economic times, many of us review our finances and find that there is not enough money to cover all of the expenses we have. Paying for rent, shopping for groceries, and mailing in the heating bill are all things that have to be done and continue to chip away at our wallets. Filing for bankruptcy can be a great way to get a fresh new start. Before deciding if bankruptcy is right for you, it is important to go through your finances and determine if you are actually qualified to file bankruptcy, or if you would be better off with an alternative option. Below are 7 factors that you should think of when choosing where to head with your financial future.
How Does Bankruptcy Work, Christian Bankruptcy Attorney, Bankruptcy Lawyer Milwaukee, How much debt do you have? Go through your finances and determine how much debt you have. It is important to figure out all the numbers before deciding if bankruptcy is the right choice for you. If you have at least $10k in debt, you should think about filing for bankruptcy, if you have less, work on finding alternative ways to eliminate your debt. How much equity do you have in your house? When determining if you should file for bankruptcy, it is vital that you take all things into consideration, this includes considering how much equity you have in your house. In order to file for bankruptcy, you shouldn't have more than $20-$40k in equity. How much equity do you have in your car? Just as you take the equity you have in your house into consideration, you should also evaluate how much equity you have in your vehicles. This will come into play when you are filling out paperwork and going through the process of filing for bankruptcy, so it is important to know this information before you start the process. To file bankruptcy, you shouldn't have more than $5k equity in your car. Are your wages or bank accounts being garnished? If those to whom your in debt are taking part of your paycheck before you ever see it, you are in a situation that necessitates the filing of bankruptcy. Are you closing a business that has a lot of debt that you personally guaranteed? If you are closing down a business that has a great amount of debt, and that debt is in your name, it is necessary that you file bankruptcy. Because of the effects this debt can have on your personal life, you should file for bankruptcy immediately. Are you being sued by a creditor? If you not only owe money to a creditor, but are actually being sued by a creditor, it is time for you to get a fresh start and get the creditors off your back and out of your wallet. Being sued by a creditor is a primary reason for filing bankruptcy. Have you filed a bankruptcy within the last 8 years? According to bankruptcy laws, there are certain people that are ineligible to file bankruptcy. Some of these include those who have filed bankruptcy within the last 8 years. If you have filed for Bankruptcy in the last 8 years, check with an attorney to determine if you may file again. You may not be able, but because every situation is unique, it is worthwhile to check first before assuming that you can't. If the answers to the above questions indicate a need for you to file bankruptcy, find a trustworthy, well-reviewed bankruptcy attorney in your area and begin on the path to a fresh start.
For more information about bankruptcy law, visit Utah Bankruptcy Attorneys, Hendricks and Larsen.
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.
Rating of Chapter 7 Bankruptcy Rules
Get Online Application at online Bankruptcy Lawyer.
0 comments:
Post a Comment