If you are facing financial troubles and you are wondering if you should file for bankruptcy protection, below are three signs that may indicate filing a Chapter 7 or Chapter 13 case could benefit you:
- Your debts exceed your assets. When you take a close look at everything you own versus everything you owe, does your debt outweigh your assets? Remember, the value of your assets is not what you paid for the items, but rather, what you could sell each item for in an emergency. For most people, this means the amount you could sell the item for in a garage sale or CraigsList. If the amount of your debt significantly exceeds the value of your assets, filing a bankruptcy could allow you to eliminate a portion or all of your debt.
- You spend more than you make. If you are living frugally and you are still unable to pay all of your bills, a Chapter 7 or Chapter 13 could be advantageous to you financially.
- You have no savings. If your savings account is empty, any unforeseen negative event in your life could ruin you financially. Unforeseen events such as divorce, an illness, loss of employment or an accident are the primary cause of a many bankruptcy filings. If you file for bankruptcy protection and eliminate a large portion of your debt, it may allow you to start building your savings so you are prepared for any financial emergency.
If you believe that filing a bankruptcy case could benefit you, contact the DeLadurantey Law Office today.
Contact The “Milwaukee Bankruptcy Attorneys,” DeLadurantey Law Office, LLC. DeLadurantey Law Office focuses on Chapter 7 and 13 bankruptcy, debtor’s rights, debt negotiations, debt relief, mortgage loan modifications, and foreclosure defense. A “defender of the little guy, “DeLadurantey Law Office serves the following location – Milwaukee, South Milwaukee, West Milwaukee, Waukesha City, Waukesha Town, Kenosha, Racine, and all other municipalities in Milwaukee County, Waukesha County, Kenosha County, and Racine County. We can be contacted by phone: (414) 377-0518 and can be found on the Internet and on Facebook.