If
 you’re struggling financially,
 you
 may
 be
 wondering
 not 
only 
if 
filing
 bankruptcy
 is
 a 
good
 option 
for
 you
 and your 
family,
 but
 how
 you
 will
 know
 when 
the
 time is right 
to seriously
 consider 
it.

The 
American 
Bankruptcy
 Institute 
has provided
 a 
useful 
bankruptcy 
checklist 
for
 consumers
 and
 recommends
 that 
if
 three or more
 of
 these factors
 apply 
to 
you,
 you
 might 
consider 
bankruptcy:


  • You 
have 
had
 your
 paycheck 
or
 your
 bank 
account
 garnished.
  • The 
majority 
of
 your
 debt is 
unsecured
 debt
‐credit
 card 
bills,
 medical 
bills, 
etc.
  • The
 amount
 you owe
 creditors
–
beyond
 your 
house
 and 
car
 payments
–
is
 more 
than
 you
 could 
pay
 off in 
five 
years.
  • You 
are getting 
calls 
from 
collection 
agencies.
  • You 
have more 
than
 one 
bill 
that 
is 
more
 than 
one month
 past
 due.
  • You 
have 
had 
lawsuits
 filed
 against 
you 
by 
creditors.
  • A 
large
 portion
 of
 your debt 
includes 
medical
 bills that
 your 
insurance 
does
 not cover.
  • Your 
income 
taxes 
have
 not been 
paid.
  • You 
do 
not
 have
 many 
assets.
  • You 
have
 no
–
or 
very 
little
–
savings.
  • You 
have 
had
 a 
car 
or 
other 
property 
repossessed.
  • Your 
home 
is
 currently
 threatened
 by 
foreclosure.

There are many misconceptions about the bankruptcy, but the reality is, there are many benefits to filing for bankruptcy, including that you can potentially:

  • Stop foreclosure of your home.
  • Stop creditors from contacting you.
  • Wipe out medical debt.
  • Wipe out credit card and other consumer debt.
  • Get back a vehicle that has been repossessed.
  • Immediately stop wage garnishment.
  • Reduce tax debt.
  • Even wipe out a second mortgage.

Determining out whether to file bankruptcy can be overwhelming. Contact Koenig│Dunne today and schedule your free consultation with one of our experienced bankruptcy attorneys.

CategoryMoney Matters
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