Before you throw in the towel and give up, you will want to make sure that you are truly at the point where the best thing for you to do is to file bankruptcy. To help you make such a decision, you are going to want to take a few moments out of your day to read through the following points.
There is nothing wrong with getting a few collection calls. After all, that is what people have to deal with when they find themselves running short on money and are unable to pay everything on time every time something is due.
Generally, all you have to do is pick up the phone, make acceptable payment arrangements, and stick with those plans. However, if you are finding that you are not able to do this, then you might be in a little bit of hot water. The collection calls will continue to be placed. They will call your house everyday, even if you pick up to tell them you have no money and no clue as to when you are going to be able to pay – they will still call you again tomorrow. Basically, there is no escaping them. If you are getting an overwhelming feeling of panic or anxiety whenever the phone rings, then it might indeed be time to file bankruptcy.
In many cases, you will need to be set up on a payment plan in order to pay off the past due amount. This should include a regular monthly payment plus an additional amount of money on top of that, which will be put towards the arrears of what you owe. If you have several creditors that are requiring such plans, you are going to need an extra amount of money each month in order to get everything paid.
If you are not able to come up with the extra money to do this, then it might be time to file for bankruptcy. Sure, you can try to get a second job, but if that is still not enough or it is putting too much of a strain on your family, then you are going to want to consider your other options.
Seasoned attorneys such as Suzzanne Uhland are great at determining whether someone is truly in need of financial assistance from the bankruptcy court. This is because the attorney will take the time to review your debt, your income, and the personal situation that got you into this mess to determine whether or not he or she believes that you would be a good candidate for bankruptcy.
Also, another thing to remember, is that there are two different kinds of personal bankruptcy that can be filed. A bankruptcy attorney would be the best person to help you decide which chapter of bankruptcy is best suited for your personal situation, based on the information that you provide in the consultation appointment. After all, you nor the bankruptcy attorney will want to waste a lot of time filing bankruptcy if there is a good chance that the judge will not agree that it is the best route for you to take and then deny your request.
As you can see, there are a few ways to know whether or not you are in a position where personal bankruptcy is in your best interest. Take you time in making this decision, as it is something that will follow you for the next several years. However, if there really is no better option, then it is something that you are going to want to do no matter what, as unpaid debt that lingers forever is actually a lot more for your credit score.