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November 10, 2008

Knowing When to File for Bankruptcy

This post was contributed by Kelly Kilpatrick.   She invites your feedback at kellykilpatrick24@gmail.com.  She is a graduate of the University of Houston living in Houston and a regular contributor for education and Criminal Justice sites.

Knowing When to File for Bankruptcy
Filing for bankruptcy can be a tough decision for many people, but it is sometimes a necessary step to move forward with one’s life.  Waiting to make this tough decision can only serve to exacerbate the situation, so time is of the essence.  What follows is a list of factors that may indicate that it’s time for you to take the next step and begin the process of filing for bankruptcy.

Inability to Make Timely Payments
In light of recent economic circumstances, your liquid assets may be tied up in a number of ways.  This can greatly affect your ability to pay your creditors on time.  If you are finding it difficult to make timely payments and see no end on the horizon, you may want to begin preparing for bankruptcy, rather than letting things get out of control.

Inability to Make Minimum Payments
Perhaps you are still trying to pay your creditors on time, but are unable to pay the minimum payments.  Although what you are trying to do is noble, you are still incurring interest charges and late fees for your inability to pay the minimum balance.  Speak with a qualified bankruptcy attorney and explore your options now rather than later.

Receiving Calls from Creditors at Work
Calls from creditors, whether harassing or not, can be very intrusive and counter-productive for you and your career.  If you are unable to keep the creditors at bay, you should see what can be done to help you with this matter.  Visiting a bankruptcy lawyer can benefit you in this and other situations related to your outstanding debts.

Feelings of Being Harassed
Debt collector harassment is a real thing that happens to consumers every day.  Handling debt collectors and their sometimes questionable collections practices is something that should be left to a qualified professional.  If you decide to file for bankruptcy, the calls will be handled by your attorney, who will be working for you to rectify your situation; this will leave you to be able to take care of business without the extra headaches.

On the Verge of Repossession and/or Foreclosure
If you have let things go long enough for either one of these things to happen, you certainly need to speak with a bankruptcy lawyer right away.  You have the right to retain a vehicle and a home in bankruptcy filings, and payment schedules can be arranged to prevent these devastating things from happening to you and your family.  Act now before it’s too late to recover your vehicle or home from your creditors.

November 10, 2008 in Current Affairs | Permalink


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Posted by: Bankruptcy Attorney | Aug 20, 2009 8:47:33 AM

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