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When Should You File for Bankruptcy?
If you’ve been holding off filing bankruptcy, there are some clear indicators of when you should actually throw in the towel. When should you file for bankruptcy? Lee Legal offers free consultations to both businesses and individuals who are weighing their options.
When Should You File for Bankruptcy?
Bankruptcy is not appropriate for every situation. But if bankruptcy is right for you, we will help you decide on the right time to file. Experienced bankruptcy attorney Brian Lee suggests that you initiate the process when:
You are facing garnishment. A wage garnishment is usually imposed when a creditor has no other way to recover on a debt. Garnishment allows a creditor to automatically withdraw a portion or all of your paycheck. In most cases, garnishment means that you will continue to work but will not have the ability to pay monthly bills. By filing bankruptcy, you will put an end to wage garnishment, and whatever you earn or buy after filing bankruptcy will be yours to keep.
Foreclosure is imminent. A foreclosure defense lawyer can help you keep your home and rearrange the payment plan with a Chapter 13 bankruptcy. The key though, is to file before a foreclosure notice is filed.
Your vehicle is at risk of repossession. You can prevent repossession if you fall behind on payments. A Chapter 7 or Chapter 13 bankruptcy can stop repossession and give your attorney the chance to negotiate with the creditor so you can keep your car. You should file the bankruptcy in advance of repossession. That will save you repo fees and costs. You must file before the creditor auctions off the car or it will be too late.
You get sued. If a creditor has sued you, do not simply accept the default judgment. The automatic stay, which takes effect once a bankruptcy is filed, prevents creditors from calling or carrying out any other actions against you due to debts owed. Bankruptcy will cease all creditor enforcement action, including lawsuits.
Bankruptcy is not for every situation
Other extenuating circumstances that call for a speedy bankruptcy filing include divorce, unemployment, medical expenses and delinquent taxes. These scenarios often leave debtors worried about their financial futures. Many times it will make sense to file well before any of these scenarios happen. Be proactive. Don’t wait for something bad to happen before you take the first step.
When should you file for bankruptcy? Lee Legal of Washington, DC will explain the pros and cons and cater a unique solution to your specific situation, whatever your circumstances may be. To find out more about the types of bankruptcy or to schedule a consultation, call us at (202) 448-5136 today.
They Called. They're Glad They Did.
Brian Lee from Lee Legal was an amazing attorney to work with. He took his time, reviewed my documents and we discussed my situation thoroughly. He explained the process and my options as well as gave his recommendation. Not only did he assist, but he ensured that I knew this...
I was very nervous and scared about going through this process. But Brian was very knowledgeable and helped me through it. I was notified about any and all updates to my case and he was very responsive when I had questions regarding any concerns I had. Although a bit nerve...
Brian provided me with a very detailed analysis about my potential case after our first consultation. He promptly responded to all my complex questions, especially navigating student loans and some tax discussions. He is very professional and experienced at what he does, I would...
I've had the pleasure of working alongside Brian V. Lee for several years, and I can say without hesitation that he is one of the most knowledgeable bankruptcy attorneys in the DMV area. Brian's command of Chapter 7, 11, and 13 practice is exceptional, and his clients in the DC...
Brian has the amazing talent of taking complicated legal matters and distilling them down to seamless, frictionless resolutions. He is a phenomenal problem solver and a trusted advisor.
Brian is both warm and professional. He helped me navigate a financial issue that I had not been looking forward to working on and he made the entire experience non-stressful, receiving a lot of anxiety I had around the matter. He is straight forward and a fantastic problem...
I had the opportunity to work with Brian at a time when I was challenged by a professional setback and forced with the challenge of making some very difficult legal decisions. Additionally, I worked with him again as I was dealing with some financial issues pertaining to my...
Still several years from Public Service Student Loan Forgiveness and saddled with significant student loan payments in proportion to my income, I came to Lee Legal to explore the bankruptcy path. Through his counsel, Brian took the fear out of the process and helped me to...
