When is the Right Time to File for Bankruptcy?
Bankruptcy can be a difficult subject to talk about. Wondering if and when you should file for bankruptcy is a hard choice to make. Talking with the bankruptcy attorneys at Robinson, Seiler & Anderson in Provo can help you to get a better idea when it comes to your situation and if it is the right time to file for bankruptcy. Listed below are some steps to take to help you decide if now is the right time.
Asses your Financial Situation
To help you in deciding if now is the right time to start the bankruptcy process we have provided some questions you need to ask yourself below.
· Do you only make minimum payments on your credit cards?
· Are bill collectors calling you?
· Does the thought of sorting out your finances make you feel scared or out of control?
· Do you use credit cards to pay for necessities?
· Are you considering debt consolidation?
· Are you unsure how much you actually owe?
If you have answered yes to two or more of the questions above then you really need to reevaluate your financial situation. If you owe more money than you can actually afford to pay off then bankruptcy might be your answer. If the value of your assets is less than the amount of debt you owe, declaring bankruptcy may be one way out of a sticky financial situation. However, bankruptcy shouldn't be approached casually. After all, it's not a simple, easy cure-all for out-of-control debt.
How to Declare for Bankruptcy
You can go bankrupt in one of two main ways. The more common route is to voluntarily file for bankruptcy. The second way is for creditors to ask the court to order a person bankrupt. There are several ways to file bankruptcy, each with pros and cons. You may want to consult a bankruptcy attorney at Robinson, Seiler & Anderson in Provo before proceeding so you can figure out the best fit for your circumstances.
If you feel like now is the right time to file for bankruptcy make sure you schedule a consultation with the bankruptcy attorneys at Robinson, Seiler & Anderson in Provo as soon as possible. Stop by our office or check out our website for more information.