When Is It Time To Consider Filing for Bankruptcy?

There are a number of "red flags" which indicate it's time to at least talk to a bankruptcy attorney:

• You're falling behind on monthly bills to make your minimum credit card payments;
• You've considered calling a debt settlement company, or have called one;
• You're at risk of having a vehicle repossessed;
• You're at risk of having your home go into foreclosure;
• A creditor is demanding a deficiency payment after a repossession or foreclosure;
• You're mortgage company is offering you a "short sale" to avoid a deficiency;
• A debt collector is threatening to, or has already, sued you;
• You're afraid of money being garnished from your wages or bank accounts;
• You've considered pulling money out of your retirement to pay bills;
• You're thinking about transferring assets to protect them from creditors;
• You're income will be increasing in the near future (potentially affecting your filing);
• You may have an inheritance coming in the next few years;
• You're losing sleep, stressed out about your debt, and the phone won't stop ringing.

If one or more of the above apply to you, you should go talk to a local bankruptcy attorney immediately. Bankruptcy might not be the answer, but better to ask too early than too late. There may even be factors which indicate bankruptcy is not right such as recent large payments to creditors, payments to relatives, recently incurred debt, or an eminent inheritance.

But too often the stigma surrounding bankruptcy alone discourages people from even asking for information until it's too late, resulting in lost time, money, and property.  Most attorneys (including me) charge nothing for the initial consultation.  

It's confidential and there is no obligation.  So why not get the information?

Save your retirement, property, and your sanity; you're going to need all three!