How Often Can I Declare Bankruptcy?
If you have filed for bankruptcy before and received a discharge of debt, you need to wait before you can file for bankruptcy again. The federal bankruptcy code specifies when…
Many Americans are struggling to pay their bills and wondering whether bankruptcy could be the best option for them. Money debt-strapped Californians put off filing for bankruptcy because they are intimidated by the thought of going through the process. Perhaps they are concerned about not being able to afford court costs and an attorney. However, filing for bankruptcy can be one of the best options for Americans who cannot meet their financial obligations. There are several signs that filing for bankruptcy may be right for you.
Signs you need a bankruptcy lawyer today
- You Have Run Out of Home Equity
Many of our clients are no longer able to take out home equity loans to pay down other debt, such as credit card debt. If you are still unable to pay your credit card debt after taking a home equity loan out, you should consider filing for bankruptcy.
- Debt Collectors Are Harassing You
Even though creditors must abide by federal regulations and cannot call you late at night or in the morning or visit your workplace, they can still cause a significant amount of stress. If you have been getting demanding and threatening letters and phone calls from debt collectors, you probably have multiple debts that are over 90 days past due. You probably also received notices that the creditors have reported your accounts to the credit bureaus or put your account in collections. When you have debt in collections, it is time to consider filing for bankruptcy.
- You Have Turned to High-Cost Loans
When people have already used up their credit card limits and cannot acquire any more new credit cards, they often turn to high-cost payday or vehicle title loans. These types of loans are dangerous and typically have extremely high interest rates. Many people who turn to high-interest loans are already into a perilous cycle of debt from which they cannot escape.
- You are unable to Recover After a Financial Setback
If you are not able to recover from a financial setback, you are not alone. Many Americans cannot access over $2,000 of cash in a month for a financial emergency. If you have undergone job loss, a divorce, or an unexpected medical bill, you may find yourself unable to recover financially. Depending on your situation, bankruptcy could be the best option.
- You No Longer Qualify for Debt Management
If you have looked into working with a debt management company and they have turned you down, there is a good chance that filing for bankruptcy will help you. Filing for bankruptcy is often a better option than debt management in the long run.
Contact a San Diego Bankruptcy Lawyer Today
If you have experienced one or more of the warning signs listed above, we recommend taking the time to meet with a San Diego bankruptcy lawyer. A bankruptcy lawyer will carefully review your financial situation and help you decide if bankruptcy is the right next step. Are you concerned about paying your bills and wondering whether you should file for bankruptcy? If so, contact the experienced bankruptcy lawyers at Bankruptcy Law Center today to schedule your initial consultation.
