If you're struggling to make payments on debt obligations you may wonder
if filing for bankruptcy is an option. For some, they have been making
payments for several years but feel stuck when they realize their finances
are out of control. Whether it's become a challenge to make minimum
credit card payments , mortgage payments or
unexpected medical bills , it's understandable why debtors become overwhelmed and feel as if
they are drowning in debt. If you are considering bankruptcy you should
review your situation with an experienced bankruptcy attorney.
An attorney can help you determine if filing is an option. Meeting with
an attorney presents a good opportunity to learn how bankruptcy works
and how it can work for your situation. Talking with an experienced legal
expert will also help you understand laws surrounding bankruptcy for your
state since they vary.
While this presents a chance to learn how bankruptcy can help, there are
things you'll want to review before making the decision to file:
- Learn eligibility requirements for filing. This may vary depending on which
chapter you're looking to file.
- Learn what actions to avoid before filing your petition. Avoiding such
actions can increase chances of a better outcome for your case. Running
up credit cards, failing to file income taxes and transferring property
to another person without the consent of an attorney are a few examples
of actions you should avoid.
- Learn options for dealing with creditors, especially if you are being harassed
for payment, served with a lawsuit or facing foreclosure.