Should you file a personal bankruptcy?

by DeLadurantey Law Office, LLC on October 7, 2013

Should you file a personal bankruptcy?Most people have have heard about bankruptcy and how it can relieve debt, but how do you know when it is the right time to file? While there is no formula for determining the best time to file a Chapter 7 or Chapter 13 case, but there are numerous situations that indicate a bankruptcy may be warranted. Examples of situations that indicate the time may be right for you to file a bankruptcy case include:

  • Your home is in foreclosure (or a foreclosure is being threatened)
  • Your vehicle or other assets are being seized by creditors
  • Your bank account or paycheck is being garnished
  • You have lawsuits filed against you
  • Debt collectors are harassing you to pay your bills
  • The majority of your debt is unsecured, such as credit card or medical bills
  • Excluding your mortgage and car loan, you cannot pay your total debt within 5 years
  • You are past due on your taxes
  • You live paycheck to paycheck and you have no savings
  • You have high medical bills and no insurance

The decision of whether or not to file for bankruptcy protection is a difficult one to make. The factors listed above are just a few circumstances to consider. If you are overwhelmed with debt and you are interested in learning more about how filing a bankruptcy can help, contact DeLadurantey Law Office, LLC. We can review your individuals financial situation and help you determine the best strategy for obtaining relief from your debt.

If you would like a down-to-earth approach and a lawyer who will listen carefully to all your questions and concern, call DeLadurantey Law Office, LLC, at (414) 377-0518We serve clients primarily in the areas of Chapter 7 and Chapter 13 bankruptcies, debt negotiations and defending foreclosure actions. If you live in the area of Milwaukee, Wisconsin, call us for the debt relief assistance you need.

 

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