Deciding when it’s time to declare bankruptcy may be more difficult than filing for bankruptcy itself. Not only is it difficult to bring yourself to take action, but it’s also difficult to know where you stand. The best way to know for sure is to consult an experienced law professional. At JD Haas & Associates, PLLC, we can analyze your records in-depth and determine whether it’s time to file for bankruptcy. Here, our legal experts will lay out some markers that may signal it is time to file for bankruptcy.
Assess The Situation
If you believe you are close to bankruptcy, you should ask yourself a few questions, including:
● Am I being hounded by bill collectors?
● Do I have accurate records, or am I missing certain pieces?
● Do I only make minimum payments on my debts?
● Have I considered consolidating my debts?
Answering “yes” to any one of these questions, or more than one, means you should dig deeper into your finances. Any of those could be a red flag in regard to your finances and you should look more closely to ensure you’re doing everything you can to stay on top of your records.
If you answered yes to any of those questions, the first thing you should do is add up your assets and debts. If the estimated total of your debts is more than the estimated total of your assets, filing for bankruptcy may be the way to go. By filing for bankruptcy, you can escape some of your debts and work with the system to change your life.
Declare For Bankruptcy
Filing for bankruptcy can either be voluntary or mandatory. You can either assess your finances on your own and take that step when you believe it is necessary, or a company you owe money to can ask the court to begin bankruptcy hearings against you.
When it is time to declare bankruptcy, you can choose to file through one of these two types: Chapter 7 and Chapter 13. Essentially, Chapter 7 bankruptcy liquidates your assets to pay off your debt, allowing you to owe less and pay back your debts quickly. Chapter 13 bankruptcy allows you to keep your property and other assets while paying off your debts over a few years. To know which you should file for, contact our reputable legal team.
This work demonstrates that bankruptcy law is complex and in no way is it intended to create an attorney client relationship or serve as a substitute for legal advice.
Contact JD Haas & Associates, PLLC Today
If you are in the Twin Cities area and believe you may need to file for bankruptcy, contact JD Haas & Associates, PLLC today. Our expert legal team can help you navigate the difficult waters surrounding bankruptcy and help you make the choice that is best for you.
Additionally, we specialize in personal injury, civil litigation, real estate, and estates law. To learn more information or to receive a free case evaluation, give us a call at 952-345-1025 or message us on our contact page.