You might find yourself losing sight of the future, drowning in credit card debt, and struggling to make ends meet. It’s difficult to know the difference between having a hard time financially and needing to file for bankruptcy. For many people, bankruptcy is something they’d consider as a last option during a financial valley in their lives. You might find yourself struggling with unexpected medical bills or a financial crisis that no amount of savings could prepare you for. This is probably the time when filing for bankruptcy makes the most sense.
When you decide whether or not to file for bankruptcy, it’s important to take a look at the types of bankruptcy that exist—whether that’s appointing a trustee to sell your assets in Chapter 7, or establishing a strict monthly payment plan for the next 30-60 months via Chapter 13, there are different bankruptcy methods for your income level, your debt profile, and the severity of your debts.
When you decide to file for bankruptcy, it’s important to have a written record and detailed information on your income from the last 6-12 months, including financial statements and information about all your current assets. If you aren’t sure what counts as an asset, talk with a financial advisor or a specialist. At Cain and Daniels, we’re highly trained in the field of bankruptcy and can help you make smart decisions that won’t break the bank as you begin the long process of getting back on your feet after bankruptcy. Contact us today for a consultation on if bankruptcy is the better alternative for your financial needs.