What Are The Common Reasons Why Someone Should File For Bankruptcy?
If a person can’t afford to pay their bills as they become due, they need to think about other options. Bankruptcy may be the best option. The reason why somebody can’t pay their bills could be from a divorce, job issues, medical issues or just irresponsible spending that they can’t afford.
I Don’t Have A Lot Of Credit Card Debt. Do I Still Need To File A Bankruptcy?
If somebody can’t afford their bills as they’re coming in, they should consider possibly filing for bankruptcy. The type of debt could be personal loans, credit cards, medical bills, old car loans, old car leases, phone bills that weren’t paid, all these debts can be discharged in bankruptcy. They don’t necessarily have to be from credit cards.
I Feel Guilty And Ashamed Of The Thought Of Filing Bankruptcy. Will Everyone Know?
The filing of a bankruptcy position just like most court filings are generally public record, which means anybody that wanted to investigate you can go to the courthouse or search online to see if you have any bankruptcy filings, just like they could see if you have any other pending civil cases against you. But generally it won’t be made public, such as published in the newspaper or listed specifically online someplace.
I Can’t Make My Monthly Payments On My Credit Cards And Bills Are Eating Up The Majority Of My Paycheck. Is This Enough Reason To File Bankruptcy?
Yes if a person can’t afford to pay their bills as they’re coming in, they need to think about pursuing another option to deal with those bills. One of those options would be filing for bankruptcy which would generally discharge the excess debt and the debtor would be able to get a fresh financial start once the bankruptcy case is over.
I Can’t Get A Loan Due To My Credit Card Debt. Will Filing For Bankruptcy Get Me Better Credit Eventually?
Yes generally people are surprised as to how soon after their bankruptcy case is over that they get issued new credit card offers. In my experience 6 to 12 months after the bankruptcy case is over you would get new credit card offers, in a year and a half to 2 1/2 years you may be able to get a car loan, in 2 1/2 years or more, provided all your new credit is good you would be able to get a mortgage. So it’s not the permanent negative credit situation that most people think it is.
Will I Even Qualify For A Personal Bankruptcy?
Every debtor and every debtor’s financial situation is a little bit different. When I evaluate a client for a possible bankruptcy filing several factors need to be taken into consideration, such as their income, their expenses, their assets and the type and amount of debt that they have.
What Are Some Other Considerations When Filing Bankruptcy?
Other than the debtor’s income, expenses, assets, the type of debt, the amount of debt that a person has, I would look into how many children they have or maybe they’re taking care of elderly parents. Another factor I consider is whether they have any professional licenses that may be impacted by a bankruptcy filing.
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