Understanding bankruptcy

How can I decide if bankruptcy is right for me?

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Bankruptcy can be a solution for people who have more debt than they are able to pay.

In order to determine whether filing bankruptcy may work for you, we recommend comparing your total unsecured debt to your annual income. Take a serious look at where your money is going each month, and think about whether your debts are overwhelming you.

Here are some of the signs that bankruptcy might be right for you:

  • If the total of your unsecured debts (credit card debt, medical debt, unpaid or overdue bills, etc.) represents a significant portion of your annual income
  • If you are using credit cards regularly to pay for normal living expenses
  • If you’ve fallen behind on your mortgage payments
  • If you are underwater with your mortgage (in other words, you owe more on the mortgage than what your home is currently worth)
  • If you have been affected by unforeseen circumstances such as a layoff, death in the family, or unexpected loss of income
  • If quickly mounting interest and penalties are making otherwise normal debt unsustainable
  • If you have resorted to pay day loans, pawn shops, or other high-cost lending services
  • If you have received a summons and complaint for an impending garnishment

Ultimately, no one can make this choice for you. It’s a personal decision that will affect the next 5-10 years of your life, or longer, no matter what you decide.

Luckily, there are experienced attorneys who know just about everything there is to know about bankruptcy, short sales, foreclosures and financial solutions. In fact, there are quite a few bankruptcy attorneys on our team who would be more than willing to share their knowledge with you, answer all of your questions, and show you which opportunities await you in a totally free, no-obligation consultation.

And if you decide that it makes sense for your family and your situation to file bankruptcy, or that another option might fit your circumstances better, our team will be here to stand by your side and fight for you, until every last penny of your debt is gone.

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