Every month you make minimum payments and make no headway. You want to retire but can’t because you owe too much on credit cards. You used to be able to afford to make payments on your car and all of your credit cards but something happened like a reduction of hours at work, or a layoff, or you got divorced, or you or someone you love got sick, you got audited by the IRS or for some other reason the IRS is coming after you.
Every month I speak to people who need to file a Chapter 7 Bankruptcy but don’t want to because they think it’s not for them. They tell me, “I could never file a bankruptcy, I pay my debts.” Very few people want to file bankruptcy but sometimes it is the best choice. If your income qualifies the bankruptcy rules then chapter 7 bankruptcy will wipe out or discharge most all debts. There are things like new taxes, and student loans that do not go away. But, you might be surprised all of the debts that can be wiped out.
If you are being sued by your credit cards, medical bills, your car lender after a repossession, or even worse if they have a judgment and are taking money from your paychecks or bank accounts it is time to file for bankruptcy protection.
A bankruptcy takes about 4 months from start to finish and can really be helpful. Upon filing a case your creditors receive an order from the court to stop all collection activity mentioned above like lawsuits, taking money from your wages, or even telephone calls and letters.
Call for a free consultation to discuss your bankruptcy options.