If you are facing a financial challenge that is affecting how you cope with your daily routine, or if your health has been affected, you may be asking is bankruptcy right for me. Debtors who are having problems in their marriages or on their jobs due to a financial strain may wonder if bankruptcy is a probable option. Filing for bankruptcy can not only improve your financial standing, it can also improve your physical and emotional well-being.
There are some financial situations that can cause a person to undergo an extreme amount of stress. This stress can prevent you from sleeping, working or performing other important tasks. Debtors who are dealing with this level of stress should consider meeting with an experienced bankruptcy attorney in their area so they will be aware of their options and find out is bankruptcy right for me.
Create a Budget
Before meeting with a bankruptcy attorney, you can take certain steps to determine if you can alleviate your financial burden. One of the first things that you should do is create a household budget. Be sure to include all income and all expenses. You can find many online tools to assist you with this step if necessary.
Determine If You Can Pay Off Any Debts within a Certain Time Frame
The next thing that you should do is determine if any of the debts you have can be paid off within three or four years. Consider debts such as loans and credit card bills.
Can You Reduce or Eliminate Certain Bills?
Also take some time to focus on bills that you can eliminate from your monthly budget. It is important that you understand the difference between a need and a want. For example, do you need cable television? Can you learn to cook at home instead of going out to eat twice a week? Speak with lenders to see if you qualify for lower interest rates.
If you are still facing financial difficulties after considering all of these factors, schedule a consultation with a bankruptcy attorney. You will know the answer as to is bankruptcy right for me, and you will be better prepared to make an informed decision.
Are you interested in learning more about our debt counseling and bankruptcy services? Contact us today for a free consultation.