Bankruptcy – Should I file or wait a while?
Declaring bankruptcy is not for everyone, as there may be other alternatives available, for example taking on a reverse mortgage, consolidating your debts, using a home equity loan or a debt renegotiation program. However, a good bankruptcy lawyer in Fredericksburg, VA can help you decide.
In general, your bankruptcy lawyer in Fredericksburg, VA will consider several factors before advising you to file for bankruptcy. Some of the factors considered might include: Your unsecured debt to savings and asset ratio – the larger your unsecured debts to your assets and savings, the more advisable it may be to consider filing for bankruptcy; The number of dependants you have; your age and your earning power.
In consulting with your bankruptcy lawyer in Fredericksburg, VA you should also notify him/her of any harassments you might be experiencing from creditors demanding payment; garnishment of your wages by your employer; foreclosures or threats of foreclosures or any asset repossessions that may have taken place. All of these are important factors for your bankruptcy lawyer in Fredericksburg, VA to consider when deciding if filing for bankruptcy is right for you.
Having huge amounts of debts does not automatically qualify you for bankruptcy, especially if most of those debts are secured. Similarly, if you earn $100,000 a month, you could still qualify to file for bankruptcy, especially if the unsecured debts you owe require repayments of more than your monthly disposable income, and if you have no significant savings or assets. It is no single factor that will drive the decision by your bankruptcy lawyer in Fredericksburg, VA to advise you to file for bankruptcy. It is a combination of factors that help to make that determination.
Providing full disclosure to your bankruptcy lawyer in Fredericksburg, VA is the single best advice that anyone can give you, when considering filing for bankruptcy. That means speaking to him/her about some aspects of your financial situation that you may feel uncomfortable disclosing – for example if you have accumulated large amounts of debts, if you have hidden sources of income that no one else knows about, if you are expecting a large inheritance in the near future. These are facts that could be material to determining whether you should file for bankruptcy now or defer that action until later.
Remember, your bankruptcy lawyer in Fredericksburg, VA will use this information to build your petition for bankruptcy. If any of these details are incorrect, at best your petition might be dismissed. However, the worst case scenario is for the courts to determine that you deliberately tried to mislead the law in attempting to defraud your creditors. Should that eventuality occur, you could be in far greater trouble that you currently are.
In working with your lawyer to determine if bankruptcy is for you always remember – honesty is the best policy!
Do you have trouble in deciding whether to file for bankruptcy or not? Consult an experienced bankruptcy lawyer Fredericksburg, VA area at AndrewsLaw.net to learn about all your available options.
Processing your request, Please wait....
