We recommend that you speak with a certified bankruptcy specialist if you have any questions about whether bankruptcy might be the right option for you.
If done correctly, bankruptcy can be used to defend against foreclosure, stop creditor harassment, and help you get rid of a lot of debt.
A bankruptcy filing can be done for many reasons. The following are some of the most common reasons to file for bankruptcy:
- You are going through a divorce, and need to get your finances in order.
- You have been seriously injured or received extensive medical treatment that left you with large medical bills far beyond your financial ability.
- Your spouse or you have lost your job, which means that you are no longer able to earn a substantial income. We often see these situations where people use credit cards to help pay basic household expenses.
- You may have maxed out credit cards or overextended your credit. However, you are only able to pay the minimum amount. You could be paying interest, but not down your debt, by paying high interest rates on credit card.
- You may have started a business but, due to economic or other unforeseeable circumstances, were unable keep it alive. Although business debt can’t be discharged by personal bankruptcy, many business debts require a personal guarantee. You can be held responsible if you provide a guarantee that the loan will be repaid by your home or other assets.
- Your home could be at risk of being foreclosed. Your home’s value can be affected by fluctuations in the housing market. If you have a mortgage that is underwater, it may prove difficult to pay the monthly payments. Bankruptcy can be used to defend against foreclosure in these cases.
Anyone can experience financial problems. It doesn’t matter what race, gender, social standing, education, or career a person has. What matters is whether or not he/she will need bankruptcy protection. You have reached the right place if you are looking to relieve financial stress and take control of your finances. Our firm can help you pursue true debt relief.
Summarized from an article by Kostopoulos Bankruptcy Law.
