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| Top Ten Reasons You Need To Consider Bankruptcy |
| 1. |
Your total debt is more than half your annual income. (You owe $20,000.00, you earn $40,000.00.) This would not include your home and vehicle loans. |
| 2. |
You have been sued for a debt and your wages are in danger of being garnished. |
| 3. |
You are behind on your home payments and can't persuade the creditor to take partial payments even though you want to keep your home and could afford to catch up, if given enough time. |
| 4. |
Your home isn't worth what you owe on it and you have become a slave to your mortgage payments. On top of that, if it goes into foreclosure, you will have to pay a huge tax debt on the amount of the second mortgage. |
| 5. |
You have an adjustable rate mortgage and cannot afford the higher payment. Due to the current state of the economy, you can't refinance it and you can't sell it either. |
| 6. |
You can only afford to pay the minimum amount you owe on your credit card debts and there is no end in sight to ever pay it off. |
| 7. |
Your income has suddenly dropped and you can no longer afford to keep paying both your existing debts and your home. |
| 8. |
You owe the IRS more than one month's income and do not have any way to borrow the money to pay them off. |
| 9. |
You owe an enormous amount for child support. They are taking so much money out of your wages, you can't afford to live, or they are threatening to put you in jail. |
| 10. |
You have been offered a government job that requires you to deal with your debt issues in a responsible way. Bankruptcy can be used to responsibly pay as much of your debt as you can afford, and at the end, give you a fresh start. |
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| Top Reasons You Do Not Need To File Bankruptcy |
| 1. |
Your only income is from disability, unemployment, or retirement income and you own no real estate. Other than the IRS, your creditors cannot force you to pay, so you do not need to file Bankruptcy. (However, if you are a homeowner, a lien can be placed against your property. Even with a homestead, this lien will have to be paid when you sell or refinance your home. Under this circumstance, you might want to file Bankruptcy, if the amount of the lien makes it worthwhile.) |
| 2. |
You are very frustrated by calls from bill collectors. Resolve this problem by telling the bill collectors you have no intention of paying and no ability to pay. |
| 3. |
You have rental property, income from unpaid commissions, or a large pending tax refund or insurance claim. If you file Bankruptcy, you could lose these assets. |
| 4. |
After paying your living expenses, you have more than $100.00 left over each month that you could use to pay bills. If credit cards are simply not getting paid down, you may want to consider other options, such as debt settlement or Chapter 13 instead. Our office has a relationship with a law firm that handles debt settlement, or if you would prefer to file Chapter 13, we also handle that legal procedure. |
| 5. |
You expect to receive an inheritance, personal injury settlement, or other "windfall" in the next six months. If you file Bankruptcy now, you will have to forfeit these assets. But if you wait until you receive these assets, there may be a way to keep them with proper legal advice. |
| 6. |
You have a gambling problem. Until you stop gambling for good, you will continue to get further into debt, and a Bankruptcy will only give you temporary help. |
| 7. |
You have a serious and continuing medical problem. Until you are well, you will be getting further into debt. Wait until you no longer need treatment before filing Bankruptcy. This advice applies if you have an ill family member that you support. |
| 8. |
You are not sure if Bankruptcy is the right choice for you, but believe it might be worth trying. Unfortunately, once you file, it can be impossible to back out. Is your debt so overwhelming that you have no other options? I urge you to consider all of the options, but beware of something that sounds "too good to be true." |
| 9. |
You haven't filed taxes for several years and haven't got time or energy to deal with it. Unfortunately, it is not possible to just hand over the job to your attorney. You have to file your taxes, and you have to get your finances in order to file your case. It requires some effort on your part. |
| 10. |
You believe that filing Bankruptcy will help repair your bad credit. There are options other than Bankruptcy to help rebuild your credit and increase your FICO score. |
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