Should I File for Bankruptcy?

Many people will ask themselves “Should I file for bankruptcy?” at some point in their lives. Unfortunately, there is no easy answer. Every case is different and must be evaluated individually by a qualified bankruptcy attorney in order to learn if you are a good bankruptcy candidate. However, there are some common signs that bankruptcy may be the right choice for you. The attorneys at the Oswalt Law Group in Phoenix offer the following questions whose answers can help you determine if bankruptcy may be a good option for you.

• Am I unable to pay my bills? If you are honestly trying to meet your monthly obligations but simply cannot seem to make the minimum payments on your loans and credit cards, the chances are good that you are overextended. If that is the case, bankruptcy may be a good option to remove some of your unsecured debt and help you regain control of your finances.
• Am I receiving harassing creditor calls and letters? One of the very best things about bankruptcy is the protection it gives you from harassing creditor phone calls and letters. When you file bankruptcy, your creditors are automatically barred from contacting you in any way and must go through the bankruptcy court in order to receive payments.
• Do I have a great deal of unsecured debt? The more unsecured debt you have, the more useful bankruptcy can be in quickly resolving your financial issues. However, even if you have secured debt, a bankruptcy filing may still benefit you, and by using your exemptions wisely you may be able to keep some of your assets.
• Have I had a sudden change in financial circumstances? If you have lost your job, suffered a medical emergency or had some other financial upheaval in your life, bankruptcy may be able to help you get back on track. Bankruptcy laws were written to help those who have unplanned emergencies that lead them into financial insolvency, so do not be afraid to ask an attorney for help.

Bankruptcy is not the right solution for everyone. However, if you can benefit from filing a bankruptcy case, you should explore the possibilities. The bankruptcy attorneys at the Oswalt Law Group in Phoenix are ready to help you review your financial records and determine if bankruptcy is the right course of action for you.