Finding a solution to money troubles is a personal and private matter for most people. It can be embarrassing to be turned away at a cash register because your debit or credit card is not accepted, but it happens to more people than you might think. The number of people who have more than enough money to pay all the bills and live a lavish lifestyle is pretty low, and the need for some form of financial relief is something most people encounter at least once during their life. One of the most popular ways to get out of debt is to file for bankruptcy. But the process can be scary, so before you make this decision it is important to make sure this is the right choice for you and your family.
Two ways to know if bankruptcy is right for you are to:
• Keep track of what you are spending each month versus how much money you are making each month. If you spend more than you make, you need financial help. Bankruptcy will eliminate some of your debts, so your monthly income will cover your monthly expenses. If you fall into this category, bankruptcy is a good option for you.
• Keep track of how much your balances are decreasing with each payment you make. If you are only making the minimum payments on most debts, chances are the balances are not budging. So you are basically spinning your wheels and making no progress on getting the debt paid in full. The longer you remain in this cycle, the more you will end up paying. Bankruptcy can eliminate or reduce debts, so you do not get stuck in a never ending cycle of payments that get you nowhere.
It is also a good idea to sit down with a legal professional who has experience handling bankruptcy cases. The process can be not only scary, but also somewhat complex. There are certain requirements to filing certain types of cases and if you want the most benefit out of filing a case, you need to make sure your case is handled properly. We have experience in bankruptcy and can put our experience to work for you.
For more information about how bankruptcy can help you, contact us today at www.DsouzaLegalGroup.com. We will go over the facts of your case and let you you’re your next step.