The answer to this question depends on several things. Is your house in danger of being foreclosed upon? Are creditors calling you all the time? Is your car in jeopardy of being repossessed? There are just a few of the many reasons why folks ask about bankruptcy when should you file. Working with your lawyer you can determine best time to file for a bankruptcy.
Bankruptcy when should you file. Filing at the right moment can save you time, effort and money. Sometimes if you wait too long or if you are too quick at filing a case it could limit your options and make your bad financial situation more difficult. As I always seem to say in this blog make sure to talk with an attorney to know when the best time to file for a bankruptcy would be. Form many of us living in debt is an accepted norm. But, how can you tell when it’s time to declare bankruptcy?
Here are a few questions to help you assess your financial danger zone:
1.Are you unsure how much debt you actually owe?
2.Are you only make minimum payments on your credit cards?
3.Are debt collectors calling you?
4.Does the thought of sorting out your finances make you feel scared or out of control?
5.Do you use credit cards to pay for necessities like food?
6.Are you considering some form of debt consolidation?
If you answered yes to any of the questions above, you need to fully consider bankruptcy as an option. Bankruptcy is when you owe more than you can afford to pay. The word “Bankruptcy” means the bank is broken. When determining where you are financially make a list all of your stuff (assets) and a list of what you owe people (debts). Don’t forget to include retirement funds, stocks, bonds, real estate, vehicles, college savings accounts, and other non-bank account funds. Add up a rough estimate for each item. Then, collect and add up your bills and credit statements. If the value of your assets is less than the amount of debt you owe, declaring bankruptcy may be one way out of a bad situation. Work with an experienced lawyer can help you determine if bankruptcy is a good option. If you are in Utah call us at 801-221-9911 to find out your options today!