Making the decision to file for bankruptcy is a big step. There are certain situations where it makes sense to move forward with Chapter 7 bankruptcy. If you find yourself in one of the situations below, you are going to want to discuss the possibility of bankruptcy with a Chapter 7 bankruptcy attorney.
Reason #1: You Have Assets You Want to Secure
Chapter 7 bankruptcy is crafted for individuals who have assets that they want to protect. If you have equity in your home, you should consider filing for Chapter 7 bankruptcy.
With the homestead exemption, you can protect the equity you have built in your home from your creditors. This will allow you to keep your home and not have to give it up to settle your debt.
Reason #2: You Are Using Credit Cards for Necessities
Credit cards are designed to be used for a special purchase or to pay recurring bills and then pay your credit card off right away.
You shouldn't be relying on your credit cards to pay for your everyday necessities. If you are using your credit card in order to be able to pay for your groceries and put gas in your car because you don't have any money to pay for these necessities, it is time to file for bankruptcy and get your finances back in order.
Reason #3: Your Got a Foreclosure Notice
If you recently received a foreclosure notice from the bank, you need to act right away. As soon as you get that first notice that the bank is considering foreclosing on your home and starting the foreclosure process, you need to move fast and file for bankruptcy.
Filing for bankruptcy as soon as you get that first notice will allow you to protect your home. Acting quickly will allow you to stop the foreclosure process and fight for your home.
Reason #4: Your Wages Are Being Threatened
If you have so much debt that creditors are pursuing garnishing your wages, it is time for you to file for bankruptcy. By filing for bankruptcy, you will protect your wages, so you can use your wages to take of necessities such as utility bills and groceries.
If you have some assets you want to protect, such as equity in a home, you are relying on credit cards to pay for necessities, your wages are being garnished, or your home is being foreclosed on, you need to take action right away by filing for Chapter 7 bankruptcy to get your financial life in order.
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