It is not easy to make the difficult decision of filing bankruptcy, even if you are going through a rough financial time. Proper planning can make this stressful process easier. It goes without saying that filing for any type of bankruptcy should typically be a last resort option and done only once you have satisfied and exhausted every other possibility to satisfy your financial obligations.
However, if you simply cannot get a handle on your financial situation and you are facing the possibility of losing your home to a foreclosure or having your wages garnished, putting off the inevitable can have dire consequences. The first step should be to contact an experienced Stockton bankruptcy attorney to help you make the best decision for your circumstances.
When Is Bankruptcy the Best Option?
It may be beneficial to file for bankruptcy in a number of different situations, including:
- If you are at risk for your home getting foreclosed upon, a bankruptcy petition can possibly prevent a foreclosure of your house. A bankruptcy filing can also allow you to set up a payment structure to enable you to pay off your any back payments you owe.
- Declaring bankruptcy may give you the opportunity to demand a creditor to return your car that they previously repossessed due to non or late payment.
- Bankruptcy may also be the best option if you are drowning in significant medical bills. This may be even a more desirable option if you have lost your job and cannot make any payments at all. Bankruptcy can be a great option to either reduce your payments or wipe out your medical bills in full.
- Filing bankruptcy can stop creditors from harassing you with phone calls and endless letters, especially if they are fraudulently calling you in an attempt to pay more than you actually owe them.
- Bankruptcy can also help restore utilities that have been shut off due to non-payment.
- Filing bankruptcy does not generally erase student loans, but it may help you to reduce amounts owed so you can pay them off in a reasonable time frame.
- Bankruptcy can also stop garnishment of your wages, allowing you to pay for basic cost of living.
If you are currently facing any of these issues, bankruptcy may be the best option for you to start anew and get a handle on your inancial future.
Call an Experienced Central Valley Bankruptcy Attorney
If you are considering Chapter 7 bankruptcy, it is in your best interest to consult with an experienced bankruptcy attorney to help you learn your legal rights and options, especially with respect to Chapter 7 bankruptcy.