Deciding whether or not bankruptcy is right for you is not an easy decision to make. At Sam Turco Law Offices in Nebraska, their legal experts can help you determine whether or not declaring bankruptcy is the right choice for you given your particular financial situation.
5 Ways To Tell If Bankruptcy Is Right For You
Declaring bankruptcy is a very personal decision and as such, only you can decide whether or not it’s right for you. However, the bankruptcy lawyers at Sam Turco Law Offices can help you make the choice. By referring to this checklist, you can determine if discharging your debt makes sense:
1. You’re Allowed To File.
It’s a key indicator that if courts allow you to file for Chapter 7 bankruptcy then your financial situation is dire enough to warrant a discharge of debts. In order to be eligible for Chapter 7 bankruptcy, you must pass the “means test,” which is in place to help the bankruptcy courts determine whether or not you have the means to pay back what you owe.
2. You Do Not See The Light At The End Of The Tunnel.
If you have been swimming in debt for quite some time and you do not see your situation improving anytime in the near future, it may be time to seek relief via legal means. Filing bankruptcy is one way to lessen the financial strain you are under.
3. Your Debts Are Unsecured.
Unsecured debts such as credit card and charge card balances, medical bills, and collection bills are eligible for discharge. If a majority of your debts are unsecured, filing for bankruptcy will help you. However, if most of your debt comes in the form of student loans, tax liabilities or child support, declaring bankruptcy will not do you much good.
4. You Have No Other Options.
Aside from ignoring their debt altogether, bankruptcy is often the only option that most people have. If bankruptcy is the only way for you to find financial freedom once again, it may be a good idea to file.
5. You Will Be In A Better Place After You File.
If you’re considering bankruptcy, you also need to consider what you will do differently in the future. Bankruptcy can be a long-term solution if treated properly. However, too many people use bankruptcy as a Band-Aid. They make the same mistakes they did before and wind up in debt all over again. Before filing, ask yourself if you’re willing to make some major financial changes. If the answer is yes, then you’re ready.
If you are swimming in debt and need financial relief, the bankruptcy lawyers at Sam Turco Law Offices will help you assess your financial situation and determine whether or not bankruptcy is right for you. To consult with one of their Omaha or Lincoln legal experts today, call (402) 614-7171. Visit their website to learn more.
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