When should I file for bankruptcy?

If you find yourself in overwhelming debt, there is a chance that you may also have concerns about not being able to pay back those debts. If you are thousands of dollars in debt due to an unexpected medical event, a divorce, or simply the mismanagement of funds, you may want to consider bankruptcy. Bankruptcy does generally have a negative connotation but it is important to know that it can actually be beneficial to someone with serious debt and allow them to get a fresh start.

It may be time to consider filing for bankruptcy if you fall into one or more of the following categories:

  • You feel overwhelmed by calls from debt collectors asking for your money
  • You are drowning in debt that you feel you will not be able to repay
  • You are putting all of your purchases on a credit card
  • You haven’t been able to pay at least two months worth of payments
  • Your wages are being garnished
  • Your home is in foreclosure
  • Your vehicles have been or are in jeopardy of repossession

If you file for bankruptcy while your home is in foreclosure, you may actually be able to stop the foreclosure and keep your home. If you have questions about filing for bankruptcy or need assistance getting started, please contact the Radol Law Firm today and we would be happy to help.

The Radol Law Firm is proud to serve the people of New Jersey in their divorce and family law, elder law, estate planning, and bankruptcy matters. Contact our firm today to schedule a consultation.