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Five Signs that Chapter 7 May Be Your Best Choice

Five Signs that Chapter 7 May Be Your Best Choice.jpgNobody wants to file bankruptcy. On either a personal or business basis, no one manages their finances or starts their own business with a vision of financial turmoil. Rather, we work hard, take risks, and do the best we can to provide for our families. Unfortunately, things happen along the way that can send us spiraling down a financial path we did not want to travel.

Some people feel embarrassed to file bankruptcy, or feel like they are "throwing in the towel." Just know that you are not alone, that many people seek bankruptcy relief, and that it is simply a smart decision in some circumstances. At Levitt & Slafkes, P.C., we have over thirty years of combined legal experience providing our clients with custom-tailored options. If you find yourself in a perilous financial situation, a Chapter 7 bankruptcy is amongst the numerous avenues of obtaining debt relief.

While there are numerous caveats and downsides to seeking bankruptcy protection, there are also several scenarios where bankruptcy may be a good choice for you. Therefore, if you can pass the "means test" to qualify for Chapter 7 protections, then the following signs may indicate that you should consult with our office.

1. You have exhausted your options to pay off your debts. Unfortunately, you have been unsuccessful in your attempts to earn more money to pay off debts, or your attempts to negotiate with creditors to lower your obligations. Bankruptcy is an option of last resort, but may be appropriate if you have no other choices.

2. You have medical expenses that have become insurmountable. Health insurance exists to reduce your medical expenses. However, any sort of hospital stay, long term care, or surgical procedure can quickly deplete your savings. To make matters worse, if you lack adequate health insurance or your insurance company denies to cover a medical expense, you could be looking at medical bills well outside of your ability to pay. Chapter 7 bankruptcy can eliminate this debt.

3. You have a lawsuit or court ordered judgment against you. If a creditor is seeking, or has already obtained a judgment against you, then you face the garnishment of your wages. If you are already having significant financial troubles, this is the last thing you can afford. Chapter 7 proceedings can stop, and in many cases eliminate, these creditors from collecting any more from you.

4. You have no savings and are putting everything on credit cards to try to buy time. This is counter-productive, as you are only adding to your interest debt, which will continue to build over time. Some people even resort to using credit cards to pay off other credit cards, which compounds the problem. Bankruptcy can help you get out from under many types of debt for a new beginning.

5. You are suffering from the serious mental and emotional toll of trying to keep up with your debt. The constant uphill climb to pay off debts can be an all-consuming prospect. Bankruptcy can give you relatively quick relief from your debtors.

You Need an Attorney

Filing bankruptcy is not for everyone and is not a decision to be taken lightly. At Levitt & Slafkes, P.C., we understand that you have difficult financial decisions ahead. We strive to provide our clients with supportive, relevant, thoughtful legal advice. With 30 years of legal experience, there is little that we have not seen. With this knowledge, we seek to provide clients with as much information as possible to make a fully informed decision. Contact Levitt & Slafkes, P.C., so we can review your case and help you move forward. Contact us at (973) 323-2953, or reach us online to schedule a free consultation.

We are proudly designated as a debt relief agency by an Act of Congress. We have proudly assisted consumers in filing for Bankruptcy Relief for over 30 years.

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