WHEN IS THE ‘RIGHT TIME’ TO FILE FOR BANKRUPTCY?
First things first, there is never a “good time” to declare bankruptcy. Making this decision will always have long-term ramifications, and your financial future will always be impacted. However, sometimes bankruptcy is the right choice — the most sensible and stable option available. Identifying when the time is right to make this important decision is crucial to your financial recovery. Know Your Debt The first factor you should examine when considering bankruptcy is the type of debt you are under. Some forms of debt, such as credit card bills, medical expenses, mortgages, car loans, car lease obligations, home lease obligations, personal loans, lawsuit judgments, and utility bills can be erased by declaring bankruptcy. However, not all debts work this way. If you have student loan debt (both public and private), owe income taxes, child support, alimony, court fines and other penalties, or personal injury debts following a DUI, bankruptcy won’t make these obligations disappear. Assess Future Plans An unavoidable risk of bankruptcy is damage to your credit score. Filing Chapter 7 will hurt your score for 10 years while Chapter 13 will stick around for 7. So, if you need decent credit in the foreseeable future to secure housing, a car, or employment, it’s best to hold off on declaring. The last thing you want to do is to file for bankruptcy only to find you can’t get a job to rebuild your finances.
Consider Time and Money Bankruptcy has costs associated with it beyond the $300 filing fee. You’ll need to go to court and will likely want a lawyer to represent your case, which means investing money and hours into clearing your financial slate. Debtors who have these resources in extremely short supply should consider changes to their financial habits before committing to bankruptcy. Taken together, you can see that bankruptcy doesn’t favor young people trying to establish themselves. However, for those who have already put down roots but find themselves straining against seemingly inescapable financial hardship, bankruptcy is a viable option.
SUDOKU
EASY DEVILED EGGS
INGREDIENTS •
1/2 cup mayonnaise
•
Salt, paprika, garlic powder, and pepper, to taste 12 large eggs, hard-boiled Fresh parsley, minced, and paprika for garnish
• • • • •
2 tbsp milk
1 tsp dried parsley flakes
• •
1/2 tsp dill weed
1/2 tsp fresh chives, minced 1/2 tsp ground mustard
DIRECTIONS 1. In a large bowl, combine mayonnaise, milk, parsley flakes, dill, chives, mustard, salt, paprika, garlic powder, and pepper. Mix well and set aside. 2. Cut eggs lengthwise and remove yolks carefully to preserve egg whites. 3. In a small bowl, mash yolks. 4. Mix mashed yolks with mayonnaise mixture. 5. Spoon or pipe the mixture back into the egg whites. 6. Garnish with fresh parsley and paprika. Refrigerate before serving.
Inspired by TasteOfHome.com
www.YoungMarrLaw.com | 3
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