Share post
Share
Debt Consolidation Forums Bankruptcy Chapter 7 and Chapter 13 forums

When is the right time to file for bankruptcy?

Date: Tue, 06/20/2017 21:54
member profile picture
Posts: 1
Credits: 23.85
[Donate]

When is the right time to file for bankruptcy? Some says it should be the last option whereas, I've seen some videos where they say it's a good option. I'm confused.





Yes, bankruptcy should be the last resort. However, the decision depends on how intense your financial hardship is.

If the person has good earning, then he/she can avoid bankruptcy by considering professional debt relief service?

Sub: #1 posted on Wed, 06/21/2017 - 06:01

sanderspatricia29 sanderspatricia29

(Posts: 728 | Credits: 75.94)

Before thinking of filling bankruptcy, ask yourself few questions to assess your financial status:

1. Are you able to make only minimum payments on your credit cards?
2. Are collection agencies trolling you too much?
3. Do you use credit cards too much to pay for necessities?
4. Are you unsure how much you actually owe?
5. Have you ever considered debt consolidation service but failed to keep up?

If your answer is "yes" to 3 or more questions, you can think of filling bankruptcy. But if you have the slightest chance of putting things back by considering a professional debt help program..just give it try!!

Sub: #2 posted on Wed, 06/21/2017 - 06:53

tiarajoseph11 tiarajoseph11

(Posts: 330 | Credits: 45.57)

Bankruptcy is a good options due to the following reasons:

Automatic stay is imposed
You can postpone foreclosure
Your credit utilization ratio can increase
You can avoid lawsuits

Sub: #3 posted on Thu, 06/22/2017 - 03:03

SC SC
Moderators
(Posts: 3937 | Credits: 398.71)

If you are confused, it is better to consult a financial advisor.

Sub: #4 posted on Thu, 06/22/2017 - 06:43

Good Nelly Good Nelly
Industry Expert
(Posts: 2670 | Credits: 533.36)

Attachment
More information
  • Files must be less than 500 MB.
  • Allowed file types: txt pdf jpg jpeg png.


DebtConsolidationCare (IAPDA member)
Inter Next Technologies, Inc., Internet Marketing Services, Reno, NV
Connect With Us
About Us | Contact Us | Privacy Policy
Copyright © 2018 DebtConsolidationCare | 301 W. 11th Street Unit E, Reno, NV, 89503, United States
* Disclosures:
  1. By signing up a debt counseling session, your provided details (Name, Email ID and Phone No.) will be forwarded to the company advertising on the DebtCC. However, you have no obligation to use their services.
  2. Some creditors and collection agencies refuse to lower the payoff amount, interest rate, and fees owed by the consumer.
  3. Creditors/collection agencies can make collection calls and file lawsuits against the consumers represented by the debt relief companies.
  4. Debt relief services may have a negative impact on the consumer's creditworthiness and his overall debt amount may increase due to the accumulation of extra fees.
  5. The amount which the consumer saves with the use of debt relief services can be regarded as taxable income.
Page loaded in 1.425 seconds.