Knowing When to File
Millions of people in today’s struggling economy are facing difficult financial times, forcing many to deal with huge amounts of personal debts. When this debt becomes overwhelming or increases to an unmanageable degree, many people begin looking for a way to put an end to this financial strain. Bankruptcy is one such option, as it can provide protection and security from financial ruin, and more and more people are taking advantage of the benefits of filing for bankruptcy. Some people mistakenly believe that bankruptcy itself is “financial ruin,” but this is simply not the case. Bankruptcy can actually create opportunities for filers to recreate themselves financially, starting fresh with little or no debt. However, in order to most responsibly handle debts, it is important to know when to file for bankruptcy.
When It Is Right to File
Choosing to file for bankruptcy is based on every individual’s unique situation, but there are some common indicators that mean a person should consider this as a viable option. These indicators include the following situations:
- One is unable to make timely payments
- One is unable to make a minimum payment on debts
- One is facing foreclosure or property seizure
- One faces creditor harassment for debt repayment
These situations might suggest that filing for bankruptcy ought to be considered. In many cases, bankruptcy can put an end to creditor harassment and can help a person create a financial plan that will allow him or her to not only repay debt, but to improve their future financials.
If you or someone you care about is facing financial difficulties that are becoming unmanageable, then bankruptcy might be the right answer. Discuss this option and the many nuances of bankruptcy with our lawyers of Hong Law, PLC, today. Call us at 319-632-1400 to see how we can help you.
Coralville, IA 52241
Phone: (319) 354-1804
Map to our Coralville Office