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When to File for Bankruptcy

Posted by Chris Peterson | Jul 18, 2014 | 0 Comments

When to File for Bankruptcy

When to File for BankruptcyOne of the more frequent questions clients have is when they should file for bankruptcy. It is not an easy matter to take that leap and file. You may feel that there is a stigma with filing. However, especially in today's difficult economic climate, bankruptcy is really quite common. It is advisable that when you decide to file you work with a strong College Station bankruptcy attorney.

Sooner Rather Than Later

A good rule of thumb for filing bankruptcy is that it is generally in your best interests to file early. This helps you avoid such issues as garnishment of wages. That said, you should strongly consider a bankruptcy if:

  • You have been unemployed for a period of at least a month.
  • Your savings has been depleted.
  • You have lost your healthcare coverage.
  • Creditors are calling.
  • You are not able to pay all your bills each month.

You should most definitely expect to file bankruptcy if:

  • You owe taxes and cannot pay them.
  • You have high medical bills.
  • You have been unemployed for several months.
  • You are being sued.
  • You have fallen behind on paying bills.

Many people fall into the trap of playing a sort of shell game with credit when they are unable to pay all their bills in a given month. They do this by making a payment for one card with another. Not only does this do nothing to solve the overall problem, but as a College Station bankruptcy attorney will tell you it causes considerable and unnecessary anxiety.

When You Should File Immediately

Certain situations require that you seek bankruptcy protection immediately; otherwise, you stand to lose assets unnecessarily. You should file right away if your wages are being attached or a bank account seized. If you have been receiving unemployment and your benefits are about to end, your home is in foreclosure, or your car has been repossessed, you should seek help from an attorney right away.

Work with an Attorney Who Knows the Process

Bankruptcy procedures are complex and difficult, and you do not want to venture into filing without understanding exactly what you are doing. A College Station bankruptcy attorney with Peterson Law Group will help ensure that your rights are protected and that you complete all the necessary steps. Call 979-703-7014 today.

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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