Has the Time Come to Talk with a Bankruptcy Lawyer?
No one likes to admit that the finances are out of control. The sad fact is that good people can find themselves under a great deal of financial duress before they realize what is happening. In some cases consolidation and other strategies are enough to get things back on track, but at other times, talking with a bankruptcy lawyer is the only practical solution. Here are some of the signs indicating the day has come to make that call.
Making Even, Minimum Payments Is Impossible
For a time, it was still possible to at least remit the minimum payments due on all debts without going past the due dates. While only a small portion of those payments were not consumed by finance charges, at least the accounts were up to date. The last few months it seems as if more and more accounts are slipping into arrears, and with penalties and charges mounting, there is no hope of ever getting on top of the debt. Seeking counsel from a bankruptcy lawyer is the right thing to do.
A Catastrophic Event Just Ruined the Household Budget
Things were already shaky, but with the recent cutback at work there is no longer as much money coming in. With no hope of full-time work in the near future there is the very real danger of losing the home and the car, and at best, unsecured creditors will soon be calling daily demanding payments. With the bills now more than the monthly income, bankruptcy is an option that must be considered.
Taxes Are Due
Several factors led to allowing a few payments to the tax agencies to slide, and now they are demanding money or liens and bank account seizures will be the next step. It is important to know that bankruptcy can stop those actions immediately and provide the protection needed to repay those past-due taxes under the protection of the court. A lawyer can explain how this type of arrangement can be structured.
After assessing the situation, there is a good chance that some form of personal bankruptcy will be the most practical solution.
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