When Is It Time To Consider Bankruptcy?
Deciding to file for bankruptcy is very difficult, but it is just as difficult to realize when you have to at least start considering it as an option. Bankruptcy is a very good way to clean your financial slate and get off to a fresh start. However, there are some drawbacks to the process, as well. So, when is it time to consider bankruptcy, and when would a simple readjustment of your budget be enough to get things back on track? Below, our Orlando bankruptcy lawyer explains when it might be time to start thinking about filing.
You Start to Ignore the Mail
When people are in debt, they often dread going to the mail or they leave piles of mail on the counter unopened. They know that it is mainly overdue bills or letters from collection agencies that they would rather not deal with. If you have started to avoid going to the mailbox, or you ignore the mail that does come in, it might be time to speak to a bankruptcy lawyer.
You are Being Harassed By Creditors
Under the federal Fair Debt Collection Practices Act, debt collectors are not allowed to harass you. They are not allowed to call you multiple times a day and they are not allowed to call you very early in the morning or very late at night. Still, not all debt collectors comply with the law. You can take action if debt collectors and creditors use harassing tactics, but it is also likely a sign that it is time to file for bankruptcy.
As soon as you file for bankruptcy, a bankruptcy judge will issue an automatic stay. Once the stay is issued, debt collectors and creditors are no longer allowed to contact you about your debt and so, the calls will stop.
Your Income Does Not Cover Your Expenses
If your income does not currently cover all of your expenses as well as your debt, it is probably time to file for bankruptcy. Unless you can increase your income, you likely will have a hard time catching up so that your income covers everything you need it to. By filing for bankruptcy, you can eliminate most of your unsecured debts such as medical bills, credit card debt, and utility bills you have not yet paid. This can be just the step to help you get back on track and start ensuring your income does cover all of your expenses.
Time to File? Call Our Bankruptcy Lawyers in Orlando
If you have decided that now is the time to file for bankruptcy and start with a clean slate, our Orlando bankruptcy lawyers can help. At Anderson & Ferrin, P.A., our seasoned attorneys have the necessary experience to help you through the process and give you the best chance of a positive outcome. Call us today at 407-412-7041 or fill out our online form to schedule a free initial consultation with one of our lawyers and to learn more about how we can help.