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When Is It Appropriate to File Bankruptcy?

Posted by Chris Peterson | Oct 14, 2013 | 0 Comments

When Is It Appropriate to File Bankruptcy?

Conroe bankruptcy attorney Many individuals are very reluctant to file bankruptcy because they perceive that to do so is irresponsible. Others simply do not want to admit that their finances are in distress. The truth of the matter, however, is that filing bankruptcy can be a responsible move in getting your financial house in order, and can set you on the road to a fresh beginning. While it is not required by law, you may well find that having a Conroe bankruptcy attorney to assist you in the bankruptcy will be extremely helpful.

Warning Signs of Financial Distress

The road to financial insolvency is often hard to discern. One may take on a house payment, then charge credit accounts for upgrades, purchase a car—all the while assuming that the obligations can be met. At some point along the way, however, the debts become burdensome, and then finally impossible to meet.

There are warning signs that one is in trouble. Examples include only making minimum payments; paying only some of the bills; having no savings to work with; and then receiving calls from creditors. At this point a bankruptcy is probably not necessary, but one should consider a new financial strategy and contact creditors to negotiate repayment.

When to File Bankruptcy

It is better to make the decision to file bankruptcy earlier rather than later. Waiting until wages have been garnished, the car repossessed, or the home scheduled for a foreclosure sale is highly damaging. If you file before deep distress has set in, you may be able to keep certain assets. Moreover, you will be able to regain a financial footing much sooner.

Thus, if you find that you have high medical bills that your insurance will not pay; have been laid off for several months; are obtaining new credit to pay off credit card bills; or are behind on more than two debts; you should very strongly consider filing bankruptcy.

A Conroe bankruptcy attorney Can Help

If you need assistance with a bankrutpcy, a Conroe bankruptcy attorney at Peterson Law Group will be happy to work with you. We will provide you with quality legal assistance and help you through this difficult matter. Call to arrange a consultation today at 936-337-4681.

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About the Author

Chris Peterson

Chris Peterson is the owner of Peterson Law Group. He practices primarily in the areas of wills, trusts and estate planning; probate and trust administration; elder law; and business law. Chris is also the owner of Brazos 1031 Exchange Company.


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