Sacramento Bankruptcy Lawyer serving Folsom discusses three factors that help people decide whether they are a candidate for filing a Chapter 7 or Chapter 13 bankruptcy
Are you a candidate for bankruptcy?
Determining whether you are a candidate for the bankruptcy process, depends on three factors which are unique about you, such as:
1) The facts of your individual financial circumstances. What your income, expenses, and debts add up to. It’s important to be accurate and complete with these figures. You’ll have to use them in filling out bankruptcy forms.
2) You or your family’s emotions about needing debt relief soon. Some people deal with pressure and challenges differently than others. For instance, calls from creditors or collection agents are viewed as extremely upsetting to some, while others find such communications manageable distractions and, at worst, only mildly irritating.
3) Your view of your future. Do you see yourself able to overcome this present struggle without intervention and support from a legal process? Some people are unable or unwilling to use the bankruptcy process because they see other ways out or are convinced their situations will improve even if they do nothing.
As in so much of life, there are no hard and fast rules to determine if you are a candidate for bankruptcy. Everyone’s financial/emotional/future situation is different. Someone who owes tens of thousands in debt can sleep well at night and can still see great future opportunities for being able to pay it off. On the other hand, another person with the same amount of debt may feel hounded by creditors, viewing their future as hopeless under the present set of circumstances.
Bankruptcy is a solution to a problem and for some it is a wise and best choice for creating a future with financial freedom.
What is true for all: Bankruptcy is a legal way for honest people with unmanageable debt to obtain a fresh start and retain certain assets which will help them become productive again.
Sacramento Bankruptcy Attorney serving Folsom can help you decide among many options, depending on income, assets, the nature of your debts, and the goals you may have after completion of a Chapter 7 or Chapter 13 bankruptcy. Please contact our Sacramento office at 916-313-9069 or via email at info@california-bankruptcyattorney.com
