Should I file for bankruptcy?
If your goal is to simply stop a flood of ugly creditor telephone calls, the law is partly on your side. The Federal Fair Debt Collection Practices Act requires collection agencies (but not the original creditor) to stop calling you if you ask them to stop. However, even if those collectors honor your request to stop calling, it does not eliminate your financial problems. Filing bankruptcy may be a quick and permanent solution.
Oppressive debt can overwhelm anyone. Respected people such as Walt Disney, Mark Twain and Abraham Lincoln have experienced bankruptcy. But it is sometimes difficult to admit you can’t pay your bills and that you need help getting out of debt. That’s why our government has bankruptcy laws to protect you and, with the guidance of a good attorney, to help you get a financial fresh start.
Are bill collectors calling you?
Do you make only minimum credit card payments?
Does thinking about straightening out your finances scare you?
Do you use credit cards in able to afford food and other necessities?
If you can answer yes to a couple of those questions, it may be in your best interest to consider bankruptcy.
If your debts are larger than the value of your assets or your monthly bills are greater than your monthly income, then filing bankruptcy can be a way out of a difficult and emotional situation. You are essentially “bankrupt” when you owe more than you can afford to pay. Filing bankruptcy can reduce your monthly bills so that you can afford to pay them.
Retirement accounts and personal property … Don’t Worry
Federal bankruptcy law shields retirement accounts from creditors. Should you decide to file for bankruptcy, you are allowed to keep most of your property, including your house and your vehicles.
