Can I Finance A Car Partially With A Credit Card When Is the Best Time to Consider Bankruptcy?

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When Is the Best Time to Consider Bankruptcy?

No one really wants to file for bankruptcy, it’s like admitting you’ve failed. Still, if you’re in a situation where you’re borrowing more money just to eat and survive while at the same time borrowing more money to pay off previous debt, filing for bankruptcy may be a prudent course of action. If you can’t juggle all of your current debt and have no prospects of increasing your income anytime soon, it’s time to at least consider the concept.

Going deeper and deeper into debt will do you no good, nor is it fair to your current creditors or to those you may seek in an attempt to “take from Peter to pay Paul.” If you keep juggling too long, you’re sure to see everything fall apart. It’s much better to go into bankruptcy with a plan. If you get it right, you may find the whole experience much less painful than you might have imagined.

Filing for bankruptcy will give you a chance to start over

Think how wonderful it will be to get out from under all that debt. The debt that keeps you from moving forward and doesn’t allow you to go back, stuck in a rut. Imagine all that financial stress disappearing instantly. Maybe it’s time for you to consider filing for bankruptcy.

It’s not a decision you should make lightly, nor is it a move to get out of paying legitimate debt you own. It’s just that sometimes people get into bad situations. In general, it is a series of events, the accumulation of which leads along a road that leads to a cliff.

There will be some assets you won’t be able to keep and there are some debts you won’t be able to pay. There will be tough decisions to make, but if you plan it right, it could be the smartest move you’ve ever made.

Why it is important to hire a bankruptcy attorney

There are some things we can do ourselves, but without the right prior experience it can lead to disaster. Filing for bankruptcy can be one of those things. The best bankruptcy attorneys will usually allow you a short consultation at no cost to explain the basics of bankruptcy, usually 30 minutes or so.

You should take advantage of this. Bring your list of questions and a list of all your debts and sources of income. You need to be direct with the reality of your situation to get the right answers and be able to ask the right follow-up questions.

If you file bankruptcy on your own, that’s it. You are on your own. Bankruptcy courts, judges and trustees are not authorized to give you advice and be careful about taking advice online. A bankruptcy attorney can analyze your exact situation and all of your assets and advise you on what assets you can keep and what you will have to give to the court or your creditors.

A bankruptcy attorney can also advise you on which creditors you should keep paying and which you should stop paying while you’re going through the process. In addition, the tax consequences that you will face or may incur.

An attorney on your side can also help as a powerful negotiator who is in your corner and on your team. You may be able to work out a deal with your major creditors; Car loans, mortgage loans, credit cards and the IRS and waive bankruptcy? You won’t know until you ask. Remember that filing for bankruptcy has consequences, but it also brings benefits. Make sure you know the facts.

When is the best time to file for bankruptcy?

Once you consult with a bankruptcy attorney and know all the pertinent information, you’ll want to strategically plan when to file. It is important. Why does it matter? Well, depending on the type of bankruptcy you choose, you may be using an “income average” format, in which case it matters when that average begins and ends.

You may have real estate that is about to be foreclosed on, if so you will want to file before foreclosure. If you’re preparing for a mortgage payment modification, it may also change the optimal time to file for bankruptcy.

If you are going through divorce proceedings, filing for bankruptcy can be more complicated and expensive. Maybe, on the other hand, it makes more sense to you. This is another reason why you need an experienced bankruptcy attorney to help you through the process from start to finish.

Do you have huge expenses, unavoidable costs that you will incur? Do you have future costs that you are already obligated to that are about to require payment?

Are you being bombarded by credit collection agencies asking for money you owe but can’t pay? Missed your rent or house payment? Are you using your retirement money to pay living expenses and bills? Retirement accounts are generally safe, so you may want to file for bankruptcy before you deplete your retirement account—you’ll obviously need it later.

In conclusion

Did you know that the most common time people file for bankruptcy is in the first quarter, after Christmas spending and before taxes are due? Did you know that most people use their tax refunds to partially pay off their bankruptcy filing? Some people file for bankruptcy in the first quarter as a New Year’s resolution to get out of debt in the New Year.

These may seem like good reasons to choose the first trimester to file, but they are certainly not the most important reasons to choose the best time. Call a law firm to talk and work this out together. You need a plan, one that makes sense to you.

Why not talk to a bankruptcy attorney about your specific situation and then ask them to help you come up with a plan. You know what they say; “Sometimes, timing is everything!”

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