A bankruptcy filing takes forethought and planning, but how do you know when it is the right time for you to file your case? There is no formula for determining the right time to file your case, but the circumstances below are indications that a bankruptcy may be appropriate:
- Your lender is threatening a foreclosure action (or your home is in foreclosure)
- You have more than one mortgage on your “underwater” home
- Creditors are repossessing assets
- You have lawsuits pending against you
- Your bank account or paycheck is being garnished
- Debt collectors are harassing you
- Your credit card or medical bills (or other unsecured debt) is overwhelming you
- You are delinquent on your taxes
- You have no savings
- A fresh financial start sounds good to you
There are many other factors that may also warrant a bankruptcy filing, so contacting a qualified bankruptcy attorney to discuss your individual circumstances is important. As soon as your Chapter 7 or Chapter 13 case is filed, the automatic stay is effective and all collection activity against you must cease. If the refuge of bankruptcy protection sounds appealing, contact Levitt & Slafkes, P.C., to schedule an appointment.
If you are interested in learning how filing a bankruptcy case can benefit you, contact Levitt & Slafkes, P.C., at 973-323-2953. You can also reach us by filling out our online form. We represent debtors in Chapter 7, Chapter 13 and Chapter 11 filings. Let us help you get the fresh financial start you need today.