Submitted by Rachel R on Wed, 12/17/2014 - 11:16am
Consider this checklist to see if bankruptcy is right for you
Image source: Flickr user mt 23
Bankruptcy is often referred to as an option of last resort, but as with most things in life, timing is everything. Most people wait until they get absolutely desperate before they consider bankruptcy. It can certainly help you when things are especially dire, but bankruptcy can be even more effective if you file before you exhaust all your resources trying to hang on to debt you won't be able to afford in the long run. But how do you know when things are bad enough to consider bankruptcy as a solution?
Questions to consider about your finances
Check out these seven questions from the American Bar Association's Family Legal Guide to properly assess your level of financial distress:
If you answered yes to more than two of these and you're also dealing with debt collectors, if you're stressed about your debt, aren't sure how much you really owe and are living paycheck to paycheck (or worse), you should consider bankruptcy sooner rather than later.
Why bankruptcy timing is critical
A well-timed bankruptcy can help you in the following ways:
Why you don't want to wait too long to file bankruptcy
If you wait until you've been sued and have been saddled with lawsuit judgments or have been hit with liens on your assets or property, it can complicate the process and could diminish your results. What's more, if you continue on struggling with your debt til the point that you drain your savings, borrow against your assets and get yourself in deeper, you'll get less out of the financial fresh start than you could if you had filed earlier.
Don't exhaust your resources trying to dig yourself out of debts that you know you'll never be able to afford in the long run. Instead, contact the law offices of John T Orcutt today for a free consultation on dealing with your debts through a well-timed North Carolina bankruptcy.
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6616 Six Forks Rd #203 Raleigh, NC 27615 North Carolina
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