Find Out When to File for Bankruptcy
Many people naturally fear the word bankruptcy. It is a daunting process to undertake, but many individuals and companies have gotten through being bankrupt with minimal difficulties.
Consider Your SituationIn order to determine if filing for bankruptcy is right for you at this time, you need to take a look at your personal situation. An easy way to go about this is to ask yourself a few questions such as:
- Do bill collectors contact you?
- Are credit cards your main way of paying for essentials?
- Do you not know how much you actually have in debt?
- Are you only paying the bare minimum on all credit card bills?
Answering affirmatively to any of these questions is a sign that you should start considering bankruptcy.
Understand Liquid Assets
Liquid assets involve everything you own. They include your vehicle, your house and any stocks and bonds you own. Once all these items are added together, look at your debt. If your debt is higher than the amount of your liquid assets, then bankruptcy might be the way to go.Bankruptcy is common occurrence so do not think you’re the only one. Filing bankruptcy is not the end of the world either, and with a sound financial plan, it can actually work to your advantage. To discuss you circumstances with a bankruptcy attorney, contact Hickson Law, PC today.