Whether at a business or personal level, a time comes when you encounter challenges with your finances. You can choose to file for bankruptcy and start afresh when this happens. But contrary to the common perception, this process is not a quick shortcut out of debt. You have to consult widely and make the right choices. Most importantly, you need to hire a lawyer to guide you through the legal procedures involved in declaring bankruptcy. If you are unsure whether you qualify for this legal action, here are some signs that it's the right time to do it.
You are About to Lose Your Home
One of the things that can propel you to file bankruptcy is losing your home. Probably you've received several letters from the bank for being late on your mortgage payments, and they are threatening to foreclose your home. Luckily, you can file bankruptcy with the help of your lawyer before the foreclosure of your home.
Usually, filing prevents the mortgage lender and the bank from repossessing your home. As a result, it gives you the needed peace of mind and the opportunity for a fresh start financially. It also protects you from losing your most valuable investment.
Your Enterprise Is Insolvent
Another instance you should consider filing for bankruptcy is when your enterprise has become insolvent. You can tell that your business is no longer solvent when you cannot pay your bills as you should. Another indicator that all is not well is when debt collectors are harassing you about debts all the time.
It is advisable to hire a lawyer because they will help you submit the documents required to convince the court to grant you the orders stopping your debtors from harassing you. That way, you'll get the time and opportunity to reorganize yourself financially and protect your assets from loss.
Your Medical Bills Are Unmanageable
Another great reason to file bankruptcy is when you have unreasonably high medical bills. This is likely to happen when your health insurance fails to cover all your bills from an extended illness. You could also have racked up massive loads of credit card debts that you can no longer repay due to the sickness. In this case, it is advisable to file bankruptcy to prevent the hospital from coming for your assets. Furthermore, you'll benefit from the financial literacy classes offered during the recovery process.
It is essential to hire a bankruptcy lawyer before declaring bankruptcy. They will assess your situation and advise you, depending on the circumstances surrounding your case. That way, you'll reorganize your finances and safeguard your assets.
Contact a bankruptcy attorney for more information.
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