Englewood Bankruptcy Attorney
When Should You File For Bankruptcy?
If you are wondering about the timing of filing for bankruptcy, our firm can offer specific tips for you. Bankruptcy offers individuals the advantage of a fresh start and debt elimination if they are struggling financially. Though it provides a clean slate, it is not without its drawbacks. Your unique financial situation will determine if and when you should file. Knowing when to file can make a huge difference to your future. If you need a legal team to help you make an informed decision, contact The Radol Law Firm for a consultation.
Wait to File
Even if bill collectors are calling you, you might be able to avoid bankruptcy if you can’t pay all your bills each month. It may not be too late to turn your situation around. If your expenses are slightly more than your income, look for ways to cut down on extras, such as going out to eat, your cell phone bill or cable. This alone might be enough to help you get back on track. Also, set a budget and stick with it. If you have not previously had a budget, a financial plan can seem restrictive. However, it is actually freeing because you know where your money will go before you spend it. If possible, negotiate with creditors to reduce your monthly payments. If you don’t want to negotiate with creditors by yourself, seek the advice of a debt counselor. He or she can help you find ways to lower your credit card bills and can help you set up a plan to get out of debt. Before you file for bankruptcy, it is important to make sure that you out of options.
It May Be Time To File
You should speak to an Englewood bankruptcy attorney if any of the following are true:
- You are two or more months delinquent on two or more large debts.
- You are paying for necessities, such as groceries or utilities, with a credit card each month.
- Your credit card debt is climbing to a level that would constitute legal action by a creditor.
- High medical expenses are impeding on making ends meet.
- You owe taxes that you can’t pay.While you still might be able to avoid bankruptcy, it might be too late. In any case, speak with an experienced bankruptcy attorney for further advice.
If any of the following are true, you should seek immediate assistance from an attorney:
- You are subject to wage garnishment
- You are subject to the attachment of levies to your bank account
- Your home is in foreclosure
- Your vehicles are about to be repossessed
Contact An Experienced Bergen County Bankruptcy Attorney
Knowing when and if to file for bankruptcy is important. Though you may believe that you can recover on your own, bankruptcy may be the best option for you. Before you dive into the process, you may not have all the facts and you may be able to recover on your own. If necessary, the sooner you file, the sooner you can be on the road to recovery. If you need legal guidance, contact The Radol Law Firm for a consultation.