When is the right time to file for bankruptcy?

When is the right time to file for bankruptcy?

Are you considering filing for bankruptcy?

If so, you are not alone. Many people have been in your shoes. While you may feel underwater in bills, there may be a light at the end of the tunnel. Many people feel an enormous relief after filing for bankruptcy. However, even though you may be in debt, bankruptcy is not always the best option. Continue reading to learn more about when is the right time to file for bankruptcy.  

You Are at Risk of Losing Your Home

Most Americans have some form of debt. However, most debt is manageable, meaning that the debtor can make reasonable payments of it over time. However, if you are at risk of losing your home then it is really serious. In most cases, as soon as you file for bankruptcy, the court will place a temporary stay on your debts. This means that creditors are not allowed to collect your debt, which means they are legally prevented from foreclosing on your home or evicting you from an apartment. In the long run, filing for bankruptcy can help you restructure your debts and financial obligations which can help you save your home. If you are at risk of foreclosure, do not hesitate to contact a bankruptcy attorney immediately to learn more about your options.  

You Are Getting Sued or Getting Harrassed by Creditors

Are you getting bombarded with calls from creditors or debt collectors? Are you being threatened with lawsuits? It must be very scary to try to find a way to satisfy your obligations, especially while getting harassed by creditors. If you are in this position right now, then maybe it is the right time to file for bankruptcy. The good news is that once you file for bankruptcy, it immediately becomes illegal for any debt collector to contact you, demand payment, or file or continue any lawsuit against you. Bankruptcy can provide you with a lot of relief.

You Cannot Sleep at Night

If your debt has become so great that you find yourself literally up at night worrying about it, then it is probably time to think about your options. Stress can overtake your whole life and can negatively affect your health and personal relationships. If you feel that you are trapped by debt and cannot seem to figure out how to escape it, then it may be time to file for bankruptcy.  

Always Consult With a Bankruptcy Attorney to Decide What is Best for You

Whether or not it is the right time for you to file for bankruptcy depends on many factors. You have to look at your pros and cons regarding your situation to determine the answer. The best thing to do is to reach out to an experienced Long Island bankruptcy attorney to help you make the right decision. A bankruptcy lawyer can help you decide what’s best for you and help you file if you decide that bankruptcy is the right course for you. 

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