Contemplating bankruptcy but don’t know if the time is right? Here are the Top 10 Clues it just may be time to seek Chapter 7 Bankruptcy protection:
10. The Repo Man is on his way! When the bank is threatening to repossess your vehicle, it may be time to meet with a bankruptcy lawyer. With Chapter 7, you have the option of keeping your wheels and continuing payments or, if you’re ready to let it go for good, be freed from the debt and the car forever.
9. Your Landlord is about to evict you! If your landlord is about to evict you for nonpayment of rent, bankruptcy can put a stop to getting you thrown out on the street, at least temporarily.
8. So many Bill Collectors are calling, you’re afraid to answer the phone! So many calls, text messages, and threatening letters are coming at you... You’re afraid to step outside the house. When creditors are dogging you, bankruptcy can put an end to bill collector harassment.
7. Creditors are threatening you with Lawsuits! The automatic stay in bankruptcy can put a quick end to most of those creditor lawsuits. A creditor that wants to sue you will have to ask the bankruptcy judge for permission first. Bankruptcy can stop lawsuits before wages are garnished.
6. Your hard-earned wages are being Garnished! Nothing can throw your budget into a tailspin faster than having a judgment creditor garnish your hard-earned wages. A Chapter 7 discharge can vaporize certain debts once and for all.
5. The mortgage company is threatening Foreclosure! Filing for Liquidation under the U.S. Bankruptcy Code will stop foreclosure at least temporarily under the Automatic Stay. This will give you more time and an opportunity to renegotiate better terms with the mortgage lender.
4. You are way behind on your Income Taxes! Lots of people seek the help of a bankruptcy lawyer to determine if they can eliminate past-due income taxes by filing for Chapter 7. Such tax relief is only available to those debtors who fall into a very narrow exception. Determine if you satisfy the five bankruptcy rules that may result in the complete discharge of your past income tax liability.
3. Can’t Pay All Bills on time no matter how hard you try! When your “yearnings exceed your earnings” it may be time to eliminate some of the debts you simply do not have the money to pay.
2. Your Utilities are about to get shut off! By filing Chapter 7 and providing adequate assurance that you’ll make a payment shortly, the utility company cannot discontinue your natural gas, electric, or water service. Even the telephone company has to keep you connected with your assurance of payment. This gives you time to straighten out your financial picture with the assistance of a bankruptcy lawyer.
1. You need a Fresh Start and you need it NOW! When your world seems to be crumbling beneath your feet, whether because of a lost job or medical expenses beyond anything you can afford to pay, it’s time to seek a Fresh Start. Bankruptcy can provide you with a new beginning and hope for a better future for your family.
Charles Laputka is a Bankruptcy attorney in Allentown, Pennsylvania. If you need help filing for Chapter 7 or Chapter 13 Bankruptcy, Laputka Law Office can help. Located in Allentown but willing to help statewide.
