How To Determine If Filing Bankruptcy Is The Right Choice For You
The idea of filing bankruptcy can be stressful. It’s usually the last resort but bankruptcy can help transform a person’s financial life.
The entire purpose of bankruptcy is to get a fresh start. Often times people are in what I call financial prison. They are like that hamster on a wheel running and running but getting nowhere.
The continue trying to make it work by paying what they can but due to the high interest, they are not making any progress. Bankruptcy can change that.
One of the first things I do with my clients is assess their current financial situation by going through their income and debt payments. I then review to see what bankruptcy would do for them and show them how it can benefit them. In some cases, bankruptcy isn’t the best option. However, often times bankruptcy can dramatically improve their financial situation and give them a fresh start on rebuilding their credit and more importantly, give them the ability to start saving again.
If you are curious about what bankruptcy can do for you, then I recommend you do the following.
1. Get Clear on your Debts and Payments
Write down all of your debts, the balance owed, the interest rate and the current monthly payment. Ask yourself, if I keep doing what I have been doing, is this going to change?
After that, figure out exactly how much its going to cost you to get out of debt. You can do this by using a interest calculator online to see how long its going to take you to get out of debt. You can use the following online calculator: https://www.calculator.net/credit-card-calculator.html
Sometimes seeing the numbers can help you make a decision.
Imagine if you were able to get out of debt at a faction of the cost. That money you were using to pay down your debt can now be used to start saving!
2. Setup a Free Consultation
Most law firms offer free consultations. Use them! Call and schedule a meeting with an attorney to figure out exactly how bankruptcy can help you. It’s a free meeting and you never have to sign up. The goal is to get you more information so you can make a great decision.
Herrin Law offers free consultations and if you want to book one now, just call 469-607-8552!
3. Get Unstuck
People stay stuck financially because they are overwhelmed and have no clue what to do. When you are in this state, the easiest thing to do is to keep doing what you have been doing. People will stay stuck for years, paying minimums and getting no closer to paying off their debts. Your #1 goal needs to be finding a new strategy.