Considering the idea that you may have to file for bankruptcy is not an easy topic to contemplate. An individual should never be ashamed of wanting to clean up their financial past and present; ready to do what it takes to move forward. So how do you know when you should consider filing for bankruptcy? When is the right time – and, is there a right time?
Each individual or business’s situation is different. Therefore, the Chapter in which to file, assets and future payments will differ dependent on several variables. Although there are some general signs that it might be the right time to consider filing for bankruptcy.
Your Credit Cards Are ‘Maxed Out‘:
If you are consistently reaching your limit on all of your credit cards, you may have to consider filing for bankruptcy. Also, if you are using credit cards to pay for small or large bills such as utilities, house payments, medical bills, etc. you may have to consider bankruptcy as an option.
Credit cards should not regularly be used for this purpose, and after awhile you may either run out of credit, and/or not be able to pay the monthly credit payments. When this eventually becomes the case, collectors may start making harassing calls to your home and/or workplace. They may also send ‘not so friendly’ letters in the mail. These calls and letters will only increase your stress level even more.
You Are Losing Your Home:
The word ‘foreclosure’ is frightening to any homeowner. If you are in the midst of receiving regular foreclosure statements, calls or letters, you may be close to losing your house. In most cases, filing for bankruptcy can stop the foreclosure process from either moving forward or taking place all together.
It is recommended that you consider consulting with a professional and experienced El Paso bankruptcy lawyer to see where you stand with respects to your foreclosure. In consulting with these bankruptcy experts they can let you know the bankruptcy laws that apply to your particular situation.
You Are Using Cash Advance Centers Regularly:
Cash advance centers seem to be an easy solution to the problem – “I need more money to pay my bills”. Although, with high interest rates and fees, it seems that these centers often cause you more problems than you had prior to accepting their advance.
If the advance is not paid within the time frame allotted, these cash advance centers also have the ability to garnish your wages, dipping right into your weekly paycheck to get what is due to them. If things weren’t hard enough already?!
There are several reasons in which to consider filing for bankruptcy, all of which are legitimate. In today’s economy, there are thousand of individuals in the exact same position. It’s never too late to turn your financial future around.
Jeff Davis is the Owner of the Davis law firm, and a highly experienced El Paso bankruptcy attorney. To find out more information about a El Paso bankruptcy lawyer, please visit www.jeffdavislawfirm.com.