As Tampa bankruptcy attorneys can tell you, every person’s financial situation is unique, so there is no one-size-fits-all solution to dealing with debt problems. However, there are some guidelines that may help you decide whether or not to file for bankruptcy. In general, it is best not to wait until your situation reaches a critical point. If you can see problems coming down the road, you’ll stand a better chance of repairing your credit rating and preserving some assets if you file for bankruptcy earlier rather than later, say Tampa bankruptcy attorneys.
Time to Think about Bankruptcy
If the following factors describe your situation, you may want to start weighing bankruptcy as an option:
- You are unemployed and have not worked for more than one month;
- With minimal or no savings;
- No health insurance;
- Are receiving collection calls; and
- Paying some bills every month and waiting to pay others.
Start Planning to File Bankruptcy
If the factors described below match your financial situation, you should start planning to file for bankruptcy:
- You have tax bills that you cannot pay;
- Unpaid accounts for which lawsuits have been filed;
- Are facing expensive medical bills that insurance will not cover;
- Are unemployed and have not worked for more than two months; and
- Pay minimums on old credit cards using newer credit cards.
File for Bankruptcy right away
If the following factors describe your financial situation, you should file for bankruptcy immediately:
- Your vehicle is about to be or has been repossessed;
- Home will be sold in foreclosure sale;
- Unemployment benefits will be ending;
- Wages will be or have been garnished; and
- Bank account has been frozen by creditor.
While the prospect of bankruptcy may be upsetting or intimidating, it is better to plan ahead rather than file bankruptcy as a last resort. A bankruptcy attorney could review your financial situation with you and help you explore your bankruptcy options. In addition, Tampa bankruptcy attorneys could explain the differences between Chapter 7 and Chapter 13 bankruptcy. To make an appointment to speak with an attorney, please call the office of Robert Savage at 813-200-0013