Knowing When to File
Many people find themselves with outstanding debts, particularly after college, a medical emergency, natural disaster, or other major events. If you’ve found yourself dealing with insurmountable debt, for any reason, you are not alone. Many people facing such debt also find themselves considering filing for bankruptcy as a way to get out of debt and back on their feet financially. However, as we at Hong Law, PLC, know, many people in Muscatine who are trying to make this decision find themselves wondering when is it time to make this move? Fortunately, there are some signs that can help you determine if now is the right time to file for bankruptcy.
Signs Filing for Bankruptcy Is Right
Every decision to file for bankruptcy must be an individual one; no one can make this choice for you. However, there are some key signs that may indicate that this decision is the right one, including:
- Inability to pay monthly debts
- Owing more on your home than it’s worth
- Emotional stress / anxiety about debt
- Skyrocketing interest rates, landing you with more debt
These factors could indicate that filing for bankruptcy could be the best way for you to regain financial independence. However, it is always advisable to speak with a lawyer about this decision and to get the guidance you need through the process.
Discuss Filing for Bankruptcy with a Lawyer in Muscatine
If you or someone you know is struggling with debts and is considering bankruptcy, our lawyers at Hong Law, PLC, can help you understand whether it is right for you and how it may benefit you. Contact our offices in Muscatine today by calling (319) 294-5853, and learn more about your legal options for getting out of debt.
Coralville, IA 52241
Phone: (319) 354-1804
Map to our Coralville Office