More About the Reasons Behind Filing for Bankruptcy:
Whether or not to file for bankruptcy is a very personal decision. Some people do not have any assets over and above what the law allows them to keep, even if they do not pay their creditors.
If this is true of you, then you may not need a bankruptcy in order to protect your assets.
Some people find it helpful to file a bankruptcy case anyway because their financial situation is causing them emotional distress or depression. Some choose to do so because they would like to free themselves of debt now, if legally allowed, and have their income and assets to themselves in the future.
Consider the following checklist to help you decide if bankruptcy is for you.
If several of the following apply in your situation, you should consider your bankruptcy options:
- Your wages have been garnished or your bank account has been attached
- Most of your debts are unsecured like credit card bills, payday loans or medical bills
- Your unsecured debts are more than you could pay over five years
- Collection agencies are calling you at home or at work
- Your payments are more than 30 days behind on more than one bill
- There are lawsuits pending against you
- You have high medical bills not covered by insurance
- You owe income taxes that you are currently unable to pay
- You have few assets
- You have little or no savings
- You have had property repossessed (such as a vehicle)
You should seek advice of a competent bankruptcy attorney before deciding whether to file for bankruptcy. If you would like to schedule a free consultation, contact the Law Office of Howard Tagg at (903) 581-9961 for more information or fill out the form below.