The first question you might ask yourself, is what is bankruptcy all about? Most people have heard the word bankruptcy and many people get information from friends or relatives. Although this might be a convenient way to discuss what bankruptcy is, it is not the best way to find the facts.
Bankruptcy is simply a legal procedure that was written into the constitution that guarantees the rights of individuals and businesses to either “wipe out” their debts, or to reorganize their debts to pay them back.
The vast majority of people who file bankruptcy through our office file what we call a chapter 7 Bankruptcy. In most cases these individuals pay nothing back to any creditor and eliminate all the debts that they want to eliminate. The debts that you want to keep like a car or a house you must pay on a timely basis. The other debts you do not pay. Certain debts cannot be wiped out. Some of the debts that you must pay are recent IRS debts, child support obligations , alimony, governmental fines, debts obtained by fraud, etc. However, for the mast majority of the public most debts that they have can be wiped out forever.
The next question that most people ask is, “Is bankruptcy for me”? This is a more difficult question and can only be answered by yourself. However, there are certain factors that seem to come to play in most bankruptcies that I have seen. The main reason is a drop in income on a permanent basis and or a divorce. Many people once they lose a job never fully recover and are “underemployed” on a permanent basis. They simply cannot get back to the financial position they once were in and are consumed by debt.
Other factors that tend to push people towards Bankruptcy are credit card debt and medical bills. Approximately ten per cent of all bankruptcies that are filed are related to a medical illness. Credit card debt is probably the number one reason when combined with a loss of income, as to why the bankruptcy filings are so high on a national basis.
If you are borrowing form one credit card to pay another credit card , Or if every month you are borrowing on credit cards to make ends meet then you should consider filing Bankruptcy.
If you wages are being garnished or your bank account has been frozen by a creditor then you should have filed bankruptcy yesterday! Don’t wait to file Bankruptcy to stop this type of activity.
Having your wages garnished is no fun. It is embarrassing to you and a burden for your employer. Having your bank account frozen and seized by a creditor is just as bad. Fortunately, you can still file bankruptcy in both of these situations.
Bankruptcy is never an easy decision for anybody. However, once you make that decision to take charge of your life and confront your situation you will feel better. It’s as simple as that.
Call us today at (352) 502-1160 or toll free 1-877-870-5342. We allow you to make payments on the bankruptcy and we consider our fees to be very reasonable and competitive with other lawyers in the area.