For anyone who may find themselves living with overwhelming or unmanageable debt, bankruptcy will often be one of the first options that they consider when pondering how to best address their financial quandary. Bankruptcy is a powerful and effective tool that is well suited to help those who might find themselves in such a situation, and therefore it is understandable that it stands at the forefront of options that may be considered when facing the prospect of overwhelming debt. However, a question that anyone considering bankruptcy will likely ask themselves as part of this consideration is – “when is the right time to file?” It’s an excellent question, and herein we shall delve into a few of the factors that can play a role in determining when that optimal timing may be.
The first element of determining the best time to file lies in establishing whether the debts that you are currently facing feel overwhelming or unmanageable. This is a subjective and individual standard, as each person’s financial circumstances are unique and distinct. There is no specific amount of debt that you must hold in order to file bankruptcy, and likewise there is also not an amount of debt that serves as a universal barometer of when it is best to begin the bankruptcy process.
Differences in individual financial circumstances such as personal income, interest rates on debts or payment schedules can all affect your debt situation and the way that it impacts you, as can actions taken by creditors such as collections actions, lawsuits and garnishments. Thus, the single best evaluator of whether you should consider filing is simply whether you feel your debts are overwhelming or unmanageable – if they are, then it may be time to consider filing!
The second major factor in determining the appropriate timing of a bankruptcy is simply whether you feel ready! There are other factors that can also be relevant (such as whether you have filed a bankruptcy previously and how long it has been since that filing) but more important than any of this is whether you feel that you are ready to resolve your debt situation and let bankruptcy help you put your debt in the rearview!
CALL NOW FOR A FREE STRATEGY SESSION FROM AN MN BANKRUPTCY LAWYER AT LIFEBACK LAW FIRM
Facing the prospect of overwhelming or unmanageable debt can be a stressful and anxiety inducing situation – thankfully, bankruptcy is available as tool to help you address this! If you are dealing with overwhelming or unmanageable debt and find yourself wondering whether now might be the time to file bankruptcy, please give us a call! Our experienced staff would be more than happy to speak with you and discuss how bankruptcy can be tailored to assist with your specific set of circumstances. So, when the time is right, or when you are ready, please don’t hesitate to reach out to Minnesota’s most kind and helpful bankruptcy law firm by going now to www.lifebacklaw.com.
