If your paycheck is no longer going as far as it used to and your bills are piling up, it is time to get real about your debt and consider filing a Chapter 7 or Chapter 13 bankruptcy. If you are wondering how you know when it is “the time” to file your case, the first step is to objectively review your personal finances.
The Internet is full of websites that make it easier to get a feel for where you stand financially. There are “debt quizzes” you can take that provide you with a variety of questions that help you get a comprehensive view of your debt now and what it will be if it continues on the same track. These websites often provide you with suggestions on how you can improve your finances, and they often recommend filing for bankruptcy in order to obtain the debt relief you need.
You may also want to use a debt calculator that allows you to enter the amounts of your debts and the applicable interest rates, so you can see how your debt will snowball if you do not take action to make changes.
It is vital that you try to be objective and honest about where you are financially. Certain circumstances such as divorce, loss of a job or other temporary setbacks may be overcome by setting a budget and following it diligently. However, if your debt is starting to negatively impact your everyday life and you do not see it improving anytime soon, it is time to schedule a consultation with a seasoned bankruptcy attorney. Filing a Chapter 7 or Chapter 13 case can allow you to comprehensively deal with all of your debt at one time. You can eliminate most, if not all, of your debt and obtain a fresh financial start. At a minimum, let us review your individual circumstances and help you understand all of the debt relief options available to you.
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.