When is it time to consider bankruptcy?

When is it time to consider bankruptcy?

Often, when an individual or a business is faced with overwhelming debt, they may not be sure how to pay it off. Bankruptcy is not a tool that should be used lightly but it can bring significant relief to those who have been faced with a serious financial burden due to an unexpected event such as a medical illness or injury, legal fees, issues with a home, among many other things. When someone is facing a financial emergency such as a foreclosure sale on a home, they may want to consider bankruptcy. That being said, filing for bankruptcy doesn’t always require a financial emergency such as an eviction or foreclosure.

Some of the many other signs that it may be time to contact a bankruptcy attorney include the following:

  • The individual’s bank account has been frozen
  • The individual’s wages are being garnished
  • Creditors are beginning to obtain judgments against the individual or their business
  • The individual can no longer pay credit card bills, medical bills, and other outstanding debts

Of course, making the decision to file for bankruptcy isn’t easy. However, it can be the smartest thing a person drowning in debt can do for themselves because it can allow them to clear their financial slate. If you have questions about bankruptcy, contact our firm today.

Matters related to bankruptcy and estate planning are very significant in one’s life and require the services of an experienced attorney. Our firm proudly serves clients throughout Rockland County and New York State. If you need effective legal guidance, contact Koplen Law today to schedule a consultation.