Top 5 Signs Bankruptcy May Be In Your Future

Friday, September 26th, 2014, 4:45 pm

Most people that are approaching a personal financial crisis wait too long to consult a bankruptcy attorney. They may ignore warning signs, and even experience denial about their current financial state. Many individuals are afraid of how much bankruptcy will cost. Some are also fear tarnishing their reputation. However, It’s extremely important to recognize certain signs in order to decide whether or not you should file for bankruptcy.

Michael F. Kanzer & Associates P.C., leading Brooklyn bankruptcy attorneys, outline the top five signs you should file for bankruptcy.

  1. You have accumulated mass credit card debt. Minimizing your credit card debt is essential for maintaining a healthy financial state. Credit card debt can be extremely crippling, especially when not paid off in a reasonable amount of time.
  2. You defaulted on a loan or you were a co-signer on a defaulted loan. Defaulting on a loan can be detrimental to your credit rating and your financial standing. Being a co-signer on a defaulted loan can also negatively affect your finances. Individuals must be careful when agreeing to be a guarantor on a loan. If the borrower defaults, the guarantor is responsible for the debt.
  3. You were forced to enter foreclosure. If the bank or lender is beginning to repossess property, you must seek assistance from a bankruptcy attorney immediately.
  4. Creditors suing you for payments. Regularly defaulting on payments typically lands you in legal trouble with the lender. If you are receiving notices of legal action, it’s best to seek advice from a bankruptcy attorney.
  5. You require cash advances on credit cards. Are you falling behind on your bills? If you have asked your credit card company for a cash advance, your finances are in bad shape. In this case, you should look into debt management and the possibility of bankruptcy.

Do These Signs Sound Familiar?

Individuals and families that are experiencing more than one of these warning signs should contact an expert Brooklyn bankruptcy attorney at Michael F. Kanzer & Associates P.C. to discuss the possibility of bankruptcy. For the past 11 years, we have helped hundreds of individuals discharge their debts. We specialize in providing clients with expert protection against Chapter 7, Chapter 11, Chapter 12, and Chapter 13 bankruptcy.

If debt collectors are already hounding you, and you can no longer afford to maintain your usual lifestyle, our law firm can help. While an extremely difficult situation, bankruptcy does not have to mean the end of life as you know it. We can help give you the bankruptcy protection you need to ensure the best outcome possible.

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Category: Bankruptcy Law

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