June 29, 2017

I don’t want to file, but should I?

Some people are not good candidates for bankruptcy, including:

  • Those with too many non-exempt assets; for them, we develop asset planning & protection strategies
  • Those who cannot afford to file bankruptcy
  • Those with no income or who have so few non-exempt assets that they are essentially “judgment proof”
  • Those with finances so complicated by trusts and tax shelters that a bankruptcy trustee could easily liquidate them.  Again, these people are candidates for asset planning & protection services
Help is what we're here for

Help is what we're here for

Bankruptcy counseling

Many people we see in our offices want us to handle negotiations with credit card companies or provide them with credit card counseling.  Most often these individuals need bankruptcy protection, not creditor negotiation or credit card counseling.  You may be the exception, so contact our office for an initial consultation.

Some people file a bankruptcy case to distance themselves from a financial situation that was brought on by loss of a job, forced early retirement, loss of a small business, or reduction in work hours.  We often see that these folks are under emotional distress or depression from their employment situation and simply want to free themselves from the additional pressures of debt, if legally allowed.  They feel they can focus on their mental health and rebuilding their professional lives more productively when creditors aren’t calling incessantly.

Some people may find that a bankruptcy is worth filing even if they do lose some of their assets.

People who have had their wages garnished can potentially recover some of the wages already garnished  through a bankruptcy filing.

As you see, the decision is highly a personal one.

Bankruptcy checklist (not legal advice)

Here’s a checklist to consider before calling our office.  If several of these apply in your situation, bankruptcy is a viable consideration:

  • Your wages have been garnished or your bank account has been attached
  • Most of your debts are unsecured debts like credit card bills, hospital or doctor’s bills, etc.
  • Your total debt, not including your car or house loan, is more than you could pay, even over five or more years
  • Collection agencies are calling you at home and/or at work
  • Your payments are more than 30 days behind on more than one bill
  • There are lawsuits pending against you
  • You have high medical bills not covered by insurance
  • You owe income taxes that you are currently unable to pay
  • You have few assets
  • You have little or no savings
  • You have had property repossessed (such as a vehicle)

Call our office to set an appointment.

Together, we will determine the best strategy for legally handling your financial troubles.