Are you considering bankruptcy? Filing bankruptcy may not be your ideal path, but in many cases, it's the best options. Bankruptcy gives you an opportunity to clear your debts and restart your financial life. While the process can be difficult, it can help you resolve your debt issues and start with a clean slate after you complete the proceedings.
You may want to explore all your options before you choose to file. For example, you may be able to establish repayment programs with lenders. Or you may be wondering whether to file Chapter 7 or Chapter 13 bankruptcy. It can take time to answer those questions. However, there are some instances in which it may be helpful to file bankruptcy sooner rather than later. Below are three such instances. If any of these sound familiar, you may want to speed up your decision.
You're facing foreclosure or repossession. Do you have a lender who is threatening foreclosure on a home or repossession of a car? If so, bankruptcy could help you buy some time so you can catch up on payments or even work out an arrangement with the lender. When you file for bankruptcy, all creditors must stop collection efforts while the bankruptcy proceeds through court. Even if you don't plan on keeping the asset, you could use that time to sell your home or car and possibly use the proceeds to pay off the past due balance.
You just moved to a new state. Every state has different bankruptcy laws. That's especially true with regard to which assets are exempt. When an asset is exempt, that means you can possibly keep the asset even if you file for Chapter 7 bankruptcy, which usually requires you to liquidate assets to cover debts. If you just moved to a new state, it's possible that your new home has less favorable exemption rules than your old state. Fortunately, you probably have a grace period in which you can still file based on your old state's residency. You may want to explore that option before the grace period expires.
You're about to be evicted. Are you behind on rent payments to your landlord? Is he or she threatening eviction? If so, bankruptcy could give you extra time. In most cases, a bankruptcy filing will pause an eviction effort. Keep in mind, if you don't catch up on rent, you will likely have to leave the apartment. However, you could get a few extra months to catch up on rent or find a new place to live. If you are facing eviction for non-financial reasons, like criminal activity or damage to the unit, a bankruptcy filing may not stop the effort.
Ready to take control of your finances? Talk to a business like Robert Bruce Jones Attorney.They can help you determine if bankruptcy is the right path for you and how to proceed.
If you've decided that you want to adopt a child, the first thing you should do is reach out to a family law attorney. While it may not seem logical to get an attorney involved from the start, it's important that you protect yourself legally from the beginning. After making the decision to adopt, I have been through the process several times. I created this site to help other adoptive parents understand what they can expect from the entire process, including the legal support you're likely to need. I hope this information helps you feel more confident in this major life decision.