Monday, August 8, 2016
Five Ways To Know If Bankruptcy Is The Answer
A lot of people who are having difficulty paying all of their bills are turning to bankruptcy as an answer. Bankruptcy can help by eliminating some of your debt and freeing up money each month, which makes it easier to make ends meet. But there are a lot of misperceptions about bankruptcy and how it can help you, so before you decide to file a case it is beneficial to investigate whether filing a bankruptcy case will give you the financial relief you need.
Five ways to know if bankruptcy is right for you are:
• Do your monthly bills add up to more than what you bring home on your paycheck? If so, bankruptcy can help by cutting out some of those expenses and giving you some room in your budget to be able to make all of your payments.
• Are some or all of your bills past due? If so, bankruptcy might be the answer for you because in certain types of cases you are able to pay the back due amount over a course of time rather than all at once in order to avoid collection efforts.
• Have you received notice that your house is going into foreclosure? Filing bankruptcy can save your home from foreclosure by stopping the foreclosure case and giving you the opportunity to repay your mortgage debt over a manageable term.
• Is your car about to be repossessed? When you file bankruptcy all collection efforts and lawsuits must immediately stop and this includes any action being taken to repossess your car.
• Are your wages being garnished? A bankruptcy case will put an automatic stop to any wage or even a bank garnishment and this means you get to take home more of your pay.
Another sign that it might be time to file bankruptcy is if you are receiving harassing collection calls or letters. Creditors are no longer allowed to contact you once you file bankruptcy and putting a stop to the calls will give you some peace and quiet. If you still have questions about whether bankruptcy is the answer or how it can help you, call us today. We will answer your questions give you the information you need to make an informed decision about what to do next.
For help with managing overwhelming debt, contact us at www.law-ri.com. We will help by coming up with solutions that work for you and have multiple locations to meet your needs for office visits.