Bankruptcy is a right granted to you under federal law, giving you a chance to establish a fresh financial start. Bankruptcy is a good option when looking to stop bill collectors, start rebuilding your credit, and get rid of your debt without the risk of losing your car, home or retirement. Keep in mind that deciding whether or not to file varies on a situational basis. The attorneys at Miller & Miller LLC. have worked to compile a set of five questions to ask yourself to determine if bankruptcy is the appropriate process for you.
1. When am I making my payments? The first question you need to ask yourself is when your payments are being made. Do you wait until the last possible moment to pay your bills, or do you pay early? Are you behind on payments or late to make them? Is your mortgage or rent always late? Many times if you find yourself behind or late on payments, bankruptcy may be a viable option.
2. How often am I getting cash advanced? Do you find yourself frequenting a payday loans service or getting cash advanced? If so, your rocky financial standing may indicate that filing for bankruptcy is the proper decision for you. Bankruptcy can help alleviate your current debts, allowing you to start over without the help of a payday loans service.
3. Are collection agencies calling and sending letters to me? If collection agencies are sending letters to your home or giving you a call, then odds are that you owe money. Declaring for bankruptcy can cease collection agencies from contacting you. Additionally, bankruptcy can assist you in wiping most of that debt away.
4. Can you afford car insurance? In 2010, the state of Wisconsin made it mandatory for all drivers to obtain automotive liability coverage. Car insurance is a necessary policy to own in order to follow the law and to keep you and your loved ones safe. If you find yourself struggling to afford auto insurance, then bankruptcy may be a good choice for you.
5. Is your debt greater than $5,000, not including a car or home? Do your debts exceed $5,000? If they do, then declaring for bankruptcy is a good option to explore. There are many different types of bankruptcy that you can file, and each plan can help grant you financial relief. At Miller & Miller LLC, we will help guide you through all of your options, while making your well being, happiness and financial future our top priority.