6/16/11
Sitting around on pins and needles and worrying about declaring personal bankruptcy is no way to live. Everybody's got an opinion. What's best, Chapter 7 (liquidation) or Chapter 13 (reorganization)? Or something else? Attorney Christina Collier has seen many clients who have suffered in silence the mental anguish of a pending financial collapse. "It's always best to be proactive than reactive," she said. But how do you know what steps to take?
It's time to seek professional advice when it becomes clear more is going out than coming in. A good indicator is the onset of collection letters and phone calls you may be getting. This is a perfect time for professional assistance. Some other red flags are:
Loss of work income- If you and/or your spouse have lost your main source of income and have no other way to get income, it's better to get advice earlier than later.
Default of loans - This could be on your car, house or credit cards. Once you stop making payments on any kind of a loan, the companies or people will be swift to get in touch with you. They have legal rights and are vigorously pursuing their legal options. You should do the same.
Pending default of loans - Even if you haven't yet stopped making payments on your loan commitments, you may be aware that you or your spouse will be losing a job in the future or that contract work is running out. If you feel the lost income will not be found in another place, it's best not to wait to seek advice.
"Even if you don't want to file bankruptcy, circumstances may conspire against you and leave you with limited options," said Collier. She goes on to point out that bankruptcy doesn't necessarily mean you will lose everything. The goal is to provide you with a fresh start, and you can't do that with nothing.
So take a deep breath and get the help you need early so your bankruptcy outcome will be as good as possible. Contact the attorneys at Berger Law to get the kind of information that will help you make informed decisions. Initial one-hour consultations are at a reduced rate of $100. We understand the legal issues surrounding bankruptcy and will compassionately help you with your specific situation.
