“S” is for Signs You Should Consider Filing for Bankruptcy
Filing for Bankruptcy can be a hard and emotional decision for most people. You did the best you could and never intended to incur debt like you have. After living with the debt load for so long, most people become numb to the amount. It takes a toll not only on your finances but your emotional health and personal relationships can suffer as well. You should consider speaking with a Livonia bankruptcy lawyer, if any of the following signs describe your situation.
- You are considering borrowing money from your 401(k) or cashing in your IRA to pay bills or credit cards.
- You are not paying for necessary prescriptions or medical needs in order to make your minimum credit card payments.
- Your reasonable and necessary monthly expenses are greater than your monthly income.
- You constantly worry your paycheck is going to be garnished.
- You go to sleep and wake up wondering how you are going to get ahead.
- You are behind on your mortgage payments and your home is worth saving to you.
- You are behind on your mortgage payments and your home is worth far less than what it is worth.
- You refuse to answer the phone because of the constant creditor calls.
- Your debts exceed the value of all your assets.
- You have don’t have the ability to negotiate with your creditors.
Most struggle longer than they should and by the time they realize the inevitable, they have lost the assets they could have used to start over after a bankruptcy. The purpose of a bankruptcy is to give the honest person a fresh start without the debt and the feeling of hopelessness that goes with it. The best time to file is when you are financially overwhelmed but still have some assets to protect.
Peter Behrmann is a Livonia Bankruptcy Attorney. From my Livonia, Michigan location, I represent clients throughout Metro Detroit and beyond, including Garden City, Wayne, Westland, Redford, Dearborn, Taylor, Ann Arbor, Belleville, Northville, Novi, Farmington, Farmington Hills, Plymouth, Canton, and the Counties of Wayne, Oakland, Livingston, and Washtenaw. My practice is limited to helping consumers like you file Chapter 7 and Chapter 13 Bankruptcy, and Foreclosure Prevention.
Photo Credit: ShellyS
Other Bankruptcy Attorneys Blogging on the letter “S”
- Schedules and Statements – Ryan D. Caldwell
- Security Interest – Jay S. Fleischman
- Spouse – Bill Balena
- Statement of Intention – Mitchell Goldstein
- Statutory Lien – Dorota Trzeciecka
- Step Plan – Kurt O’Keefe
- Strip – Cathy Moran
- Student Loans – Bob Doig
- Student Loans – Stuart T. Ing
- Stuff – WilksLaw
- Surrender – Mitchell Goldstein
- Scared – J. Dinkins G. Grange
- Small Claims – Bret Nason
- Section 341 Meeting of the Creditors – Christopher McAvoy
- Sole Proprietorship – Jeff Curl