Is Bankruptcy a Good Option for Me?
With COVID-19 shutting down, a lot of people are out work. Companies are closing their doors and other business owners are cutting their staff. They can’t afford to keep their employees on-board. This menas that a lot of people are unemployment. People who have never received a dime from the government are finding themselves in line at the food bank. Times are different today. Bankruptcy attorneys in Arizona understand that. There are even some attorneys who have fallen on hard times. You’re not alone.
If bankruptcy is the solution for you, there’s nothing to feel guilty about. Once the bankruptcy is discharged, you can start over. Without the pressure of mounting bills hanging over your head, you’ll be able to breathe easier. This may give you the respite you need to get your finances back on straight. The best way to do that is to talk to a bankruptcy attorney in Arizona as soon as possible. They can answer your questions and explain that pride can’t be the reason you continue to drown in increasing debt.
You Need to Add Up All of Your Debt
Bankruptcy is a last resort. It may seem like the easy way out at first. However, it isn’t easy to file bankruptcy. It’s also not free. You’re going to need to dedicate the time, resources and attention to your case. You may have to give up some luxuries that you’ve become used to over the years. That’s why you need to take a few steps before filing your bankruptcy petition.
One of the first things you want to do is write up a list of all your debts. You can certainly do this online if you prefer. However, a lot of people say it’s a good idea to write them down. It puts your situation in a clear and meaningful perspective. Some of the debts you’ll want to include are:
- Credit card bills
- Car loans
- Personal loans
- Lines of credit
- Home equity loans
- Mortgage
- Student loans
- Liens and judgments
- Medical bills
- Taxes
Once you have a total of your debt, look to see what it costs you each month to pay your debt. Ideally, this number will be much less than your income. If that’s isn’t the case, then bankruptcy may be a good option.
Get a Current Copy of Your Credit Report
One good way to gauge your financial situation is to look at a credit report. If you don’t have a recent credit report, go online and order one. There are three (3) companies to choose from when ordering your report. Experian is the one that most of the creditors, banks, and bankruptcy attorneys in Arizona use. The great thing about this report is that it may remind you of debts you forgot. If you don’t include these in your bankruptcy petition, they won’t be discharged, and you’ll have to pay them back.
Schedule a Meeting with a Skilled Bankruptcy Attorney in Arizona
Deciding whether to file bankruptcy can be hard. For some people, It’s a no-brainer. They owe a lot of money and can’t afford to pay it back. In fact, some people file a Chapter 7 bankruptcy in Arizona once or twice a decade. It’s almost a financial solution for them. Many other people think of it in terms of pride. Bankruptcy attorneys in Arizona talk to clients all the time who feel guilty for considering bankruptcy. Their parents raised them to pay their debts. However, there are times when you get in over your head. When the market is bad and the economy is in recession, there’s only so much you can.
