One question many clients ask us is whether or not their financial situation warrants filing a Chapter 7 of Chapter 13 case. After reviewing your individual circumstances, we can answer this question for you. In the meantime, this blog discusses some of the factors that indicate bankruptcy is the best debt relief option for you. Consider the following:
- You are delinquent on your mortgage payments and a foreclosure action has been threatened or commenced against you
- You have gotten divorced and you are overwhelmed with your portion of the marital debt
- The value of your home is less than what you owe on your first mortgage and you have multiple mortgages
- Secured creditors are threatening or seek to seize assets pledged as collateral
- Debt collectors are filing lawsuits against you
- You have lost your job
- You have bank account or wage garnishments pending against you
- Debt collectors are using harassing debt collection tactics
- You are constantly stressed over your finances
- You are delinquent on your taxes
- You have no savings and you are barely making ends meet
- You and your spouse are fighting over your debt
- With the exception of your home mortgage, you will not be able to pay your total debt within five years
The above are just a few examples of the financial situations that indicate filing a Chapter 7 or Chapter 13 bankruptcy is a good idea. Don’t make the mistake of letting your pride get in the way of you obtaining the debt relief you need. We are not here to judge you; we are here to help. In fact, I have been there and filed for bankruptcy relief myself. Take it from somebody who knows firsthand, taking control over your finances and obtaining the debt relief you need is easier than you think.
At The Law Office of Diane Anderson, our lawyer has faced Chapter 7 bankruptcy. She understands the anxiety and fear that accompanies working through this process. But, after coming out on the other side, she started her own law firm and is living a life with less worry and strife. Contact us today to get the help and guidance you need in order to take control of your finances.