Q

Should I file for bankruptcy?

A

There is no easy answer to this question. Bankruptcy might be viable if:

• You or your spouse have been unemployed for the last six months;

• Employment for you or your spouse has not been steady over the last year and your credit balances continue to rise;

• If you are using one credit card to pay down on another credit card (robbing Peter to pay Paul);

• You are receiving several collection letters every month;

• You received a letter from your mortgage company threatening foreclosure;

• Your vehicle has been repossessed or you fear that it might be repossessed because you are behind on you monthly payments;

• You are considering a home equity loan to pay off your credit card debt;

• The IRS is threatening to garnish your wages or levy your assets;

• You are considering cashing in part or all of your 401k or IRA to pay your creditors;

• You have been sued or fear that you might be sued;

• You have substantial medical bills that you are unable to pay;

If you fall into one of the above listed categories then bankruptcy is at least something you should learn about. It is in your best interest to seek advice from a bankruptcy attorney who can evaluate your individual circumstances and provide you with the information to make the right decision.