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How Do I Know the Time is Right for Me to File for Bankruptcy?

How Do I Know the Time is Right for Me to File for Bankruptcy.jpgIf you are considering filing for bankruptcy, you've probably experienced many months of financial hardship. While struggling a little with the typical monthly budget is one thing, if you have been falling deeper and deeper into debt, it's time to consult with an experienced bankruptcy law firm like Levitt & Slafkes, PC. We can review your case, answer your questions, and discuss all your options.

Creditors May Be at Your Door

Bankruptcy is a serious solution for serious financial issues. You may have had to rely on credit cards during a period of illness or unemployment, with medical bills and other payments piling up. Now, you may only be able to make minimum payments on those debts, or numerous accounts may have already become delinquent. Creditors may be calling and writing to you constantly, with collection activity escalating, including the threat of wage garnishment. You may have already been served regarding creditor lawsuits, as well as being threatened with foreclosure or repossession by your mortgage and/or car lender. The sooner you seek legal assistance the better your options will be.

Bankruptcy May Be Your Best Option

Chapter 7 or Chapter 13 may prove to be the most powerful and rewarding tools for digging yourself out of that stressful financial hole and looking toward financial freedom.

Chapter 7 Bankruptcy

Filing for Chapter 7 bankruptcy is the fastest method for getting financial relief and the discharge of most, if not all of your debts. Once you are determined to be eligible through an income test called the means test, you can file and see most of your debts discharged within three to six months.

Most Chapter 7 cases are non-asset cases where you get to keep all of the property you had when you filed. An experienced attorney will review your assets to make sure they are protected.

Chapter 13 Bankruptcy

Chapter 13 is often known as an income-based bankruptcy. It is an effective solution for individuals who have regular income, but are having difficulty paying their bills. It can give you breathing room by providing a payment plan to pay back some or all of your creditors over 36 to 60 months. You generally do not have to give up property, but everything does have to be listed in your bankruptcy estate. You may find that you can extend payment times on certain assets, along with seeing payment amounts reduced.

Contact us Now to Explore Your Options

The experienced attorneys at Levitt & Slafkes, PC can help you explore your options in bankruptcy, along with other alternatives. Contact us today so our legal team can review your case and help you move forward in a way that suits your needs best. We are here to help!

Call us at 973-323-2953, or contact us online to schedule a free consultation.

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