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When to Consider Filing Bankruptcy
In most cases, the very last thing any person wants to do is to consider filing bankruptcy. In many cases, an average person will wait two years longer than he or she should have to file bankruptcy.
Don’t rearrange the deck furniture on the Titanic. Instead, realize it may be time to jump ship.
You may have stopped answering your phone because you know could be another bill collector. You may have stopped opening your mail because you know it’s just another bill. Perhaps you’re parking your car around the block or on a different street, hoping the repo man won’t find it. You may even be reluctant to open your front door, afraid that it may be a process server with a lawsuit or garnishment in hand.
When to consider filing bankruptcy
Most people know when it’s time to consider bankruptcy, but they put it off anyway. Here are several indicators of when to consider filing bankruptcy and get your finances back on track:
- Have you stopped paying bills? Even if you can’t pay a debt, you can’t simply ignore it forever. You’re damaging your credit and incurring interest and late fees. Bankruptcy eliminates debt.
- Facing home foreclosure or car repossession? These events, not a bankruptcy, are what will truly devastate your credit. Moreover, your creditor will file a lawsuit later on to recover the deficiency from the resale of home or vehicle. Bankruptcy stops both foreclosure and repossession.
- Hit with a lawsuit, garnishment, or levy? If it takes a court order to force you to repay a creditor, then it is very likely you are unable to pay that creditor. Garnishments usually take many years to fully satisfy a debt. Bankruptcy puts a stop to lawsuits, garnishments, and levies.
- Making only minimum payments? If you have more debt than you can pay off in the foreseeable future, it’s time to either restructure or eliminate your debt. You’ll never pay off your balances by making minimum payments.
Call Lee Legal to discuss your options
Ask yourself whether you want more of the same or whether you’re ready to take control of your future. Ignoring debt doesn’t make it go away. You have to deal with it.
If you are considering filing bankruptcy in Virginia, Maryland or Washington, D.C., call Lee Legal at (202) 448-5136 for a free consultation.
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...
