The decision to consider filing for bankruptcy can be a difficult one. But bankruptcy can eliminate your liability for most types of debt, while allowing you to keep a significant portion or all of your assets.
If you are facing any of the below situations, you should explore whether Chapter 7 or Chapter 13 bankruptcy will be beneficial for you:
- You are unable to pay monthly bills as they come due
- You are receiving harassing creditor calls and letters
- A creditor has filed a lawsuit against you
- Your home is threatened with foreclosure
- Your wages are being garnished
- You feel overwhelmed with debt
If you are considering bankruptcy, avoid making any significant financial decisions before you talk to an attorney. Specifically:
- Do not give anything away or transfer anything out of your name (e.g. sign over title to a vehicle or deed to real property)
- Do not sell anything for less than full market value (better yet, do not sell anything at all)
- Stop repaying on loans you may owe to family or friends
- Avoid withdrawing funds from a 401(k) or IRA account
- Do not continue using credit cards or take cash advances
Get in Touch
email: mike@mfbarrettlaw.com
phone: (716) 427-3880
Michael F. Barrett 