Is Bankruptcy Right for You?
The decision to file bankruptcy is not an easy one to make, a decision which should not be made lightly. Sometimes, the weight of your debt can seem overwhelming. When the money going out of your wallet surpasses that which is going in, bankruptcy may seem like the only available option. You want relief and you want it fast! While the short-term benefits of filing bankruptcy may be enticing, i.e. debt reduction and more time to pay, there are some long-term consequences which must be taken into consideration.
Depending upon your future goals, bankruptcy may not be the best nor wisest choice for your situation. Some of the negative consequences associated with the process are as follows:
- A bankruptcy filing stays on your record for 7 years
- It can make it more difficult to obtain credit, buy a house or car, or get an other type of financing
- Higher interests rates when credit is extended to you
Before you decide to file for bankruptcy, it is generally a good idea to speak with an attorney. He can advise you on all available options, such as debt reduction negotiation with your creditors to reduce the amount owed or the monthly payments, and can work with you to craft a solution that's best for you.
My services in this area
- Chapter 7
- Chapter 13
- Consumer Debt Negotiations
If you would like additional information regarding bankruptcy or any other reasonable alternative, please fee free to contact my office. I will guide you through the process and work to ensure the best possible outcome based on your situation.
Also, if you have already deteremined that bankruptcy is your only option for gaining relief from the burden of outstanding debts and constant calls from creditors, please feel free to contact my office to schedule an initial consultation.
Documents to bring to initial consultation:
In order to make an adequate assessment of whether you qualify for a Chapter 7 or 13 bankruptcy, it is greatly recommended that you bring the following documentation with you to the initial consultation.
- Your social security card and a photo ID;
- Proof of income from any and all sources, including, but not limited to, any part-time work, Social Security benefits, Unemployment (UI), etc.;
- Paycheck stubs for the last six months;
- Bank statements and any corresponding check register(s), including annotations as to whom any and all checks were written, for the last six months;
- Tax returns for the last three years;
- All bills for the past 90 days;
- All lawsuits and/or previously filed bankruptcies;
- Any insurance policies; and,
- A copy of your most recent credit report. (You can retrieve a free copy of your credit report from annualcreditreport.com. Otherwise, you will be charged by the other credit bureaus to procure the crredit report.)
Do you have questions or do you want to make an appointment in this area?
Please feel free to call my office at (415) 625-3541 or (707) 536-1832. Additionally, you can use the contact form.