Should You File for Bankruptcy? When the Hard Decision Is the Smart Decision
Filing for bankruptcy can feel like an admission of failure, so if you’ve been ignoring what you worry are telltale signs of financial difficulty, don’t be too hard on yourself — it’s part of being human. That said, if you have serious concerns about your personal finances, it’s better to face them head-on. Here are a few questions to ask yourself if you think bankruptcy may be on the horizon.
evading their attempts to reach you regarding unpaid debts, it’s time to take an honest look at why.
ARE YOU KEEPING YOUR FINANCES SECRET?
There’s a difference between discretion and secrecy. If you’ve been keeping the balance of your accounts from your spouse or money managers, you’re probably hiding something, not just looking out for your privacy. If you answered any of those questions in the affirmative, it’s time to give The Law Office of Steven A. Leahy a call. We handle two types of bankruptcy: Chapter 7 and Chapter 13. Also known as liquidation, Chapter 7 bankruptcy is the type you usually see in the newspaper and involves selling all of your assets above a level of exceptions to repay creditors. Chapter 13 bankruptcy is a bit different. Sometimes called wage-earner bankruptcy, it requires you to reorganize your financial affairs under a repayment plan but lets you keep your assets.
ARE YOU DREADING MAKING CREDIT CARD PAYMENTS?
If you’re putting off paying your credit card bills until the last moment or paying only the minimum amount each month as your balance grows, then there’s a good chance your finances are dangerously tight. Now is the time to pull your head from the sand and take a hard look at those scary numbers.
ARE YOU AVOIDING PHONE CALLS?
Dodging calls from bill collectors by pretending to be out of town or letting their countless messages go to voicemail is never a good idea. If you’ve found yourself
Please reach out by calling (312) 664-6649 if you’d like to learn more about either process. Steven will be happy to discuss your options.
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