When Should I File for Bankruptcy?

There are many reasons for people to file bankruptcy. The primary reason is if you owe more than you are capable of paying. You may believe that this is easy to determine; however not all people are able to recognize the warning signs. Many people avoid the bankruptcy topic because they feel there is a negative connotation to the subject. They would rather continuously struggle than discuss potential solutions that could relieve their financial situation. People should not ignore the signs for bankruptcy but recognize that bankruptcy can potentially position them for financial recovery.

Signals for Bankruptcy

Living is debt should not be an accepted norm. There are solutions available to consumers seeking assistance but you first must recognize that you may be a candidate for bankruptcy.  According to David I. Pankin, a New York Bankruptcy Lawyer, “there are questions that can help trigger potential bankruptcy discussions”. Below are several questions that can help you assess if bankruptcy may be an option for you:

  • Are you unsure how much you actually owe?
  • Are you having trouble making your mortgage payment?
  • Do you only make the minimum payments on your credit cards?
  • Are bill collectors constantly calling you?
  • Does the thought of sorting out your finances make you uncomfortable or feel out of control?
  • Do you use credit cards to pay for necessities?
  • Are you considering debt consolidation?

Assess Your Situation

If you answered yes to any of these questions, you may want to think a little more thoroughly about your financial situation. In fact, speaking to a bankruptcy lawyer can help you better understand how bankruptcy can benefit you. A good bankruptcy attorney can help you understand your options and assess your situation. Some bankruptcy law firms, such as The Law Office of David I. Pankin, provide free bankruptcy consultations to consumers seeking assistance. As a consumer you can use the knowledge of a professional bankruptcy lawyer to help determine what the right answer is for you.

It can be hard to admit you need financial assistance or that you can’t do it alone. But that’s why our government has bankruptcy laws. Our laws not only protect creditors but they are in place to protect you as well! If you find yourself concerned about your debt and asking the question, “Should I file for bankruptcy?” it may be time for you to speak to a bankruptcy lawyer.

Consumers contemplating filing for Bankruptcy in the New York City Area, can contact David I. Pankin for a free consultation. We service all 5 boroughs and have convenient office locations in Brooklyn, New York City and Long Island. For more than 18 years, our firm has helped over 8,500 clients receive a fresh start financially.

Please contact our office by phone at 888-529-9600 to arrange for a free, initial consultation.