' Is Bankruptcy the Best Option? - Law Offices of Robert M. Geller
CALL NOW!
FREE PHONE/VIRTUAL CONSULTATION

Is Bankruptcy the Most Sensible Option for You?

Every year millions of Americans file for bankruptcy. As recently as 2005, up to one in 15 households had used bankruptcy to help them climb out of debt. Bankruptcy is one of the most popular tools consumers use to repair financial damage and get a fresh start.

How Do You Know Bankruptcy is Right for You?

As common and helpful as bankruptcy is, it’s not the right option for everyone. First and foremost, you must qualify for bankruptcy. You must also be able to afford to file, and you must be in a situation in which bankruptcy will make your situation better, not worse.

The most common reasons people turn to bankruptcy to help with their financial struggles include medical expenses – accounting for more than 60 percent of all personal bankruptcies – job loss, divorce, and unexpected expenses. In most cases, bankruptcy results not from irresponsible choices, but from events in life that are unpredictable and difficult to overcome.

Signs Bankruptcy Might be the Right Choice for You

Though bankruptcy is a personal decision, and whether and when to file varies from case to cases, there are a few things that indicate you might be headed down a path toward bankruptcy.

Are you dealing with any of the following?

• Your debt continues to mount with little hope of paying it off
• You’re turning to credit cards to pay for necessities
• You’re only able to make minimum payments or no payments at all on your credit cards each month
• Most of your income is put toward credit card payments and/or mortgage payments
• You’re receiving calls from bill collectors

Though it’s possible to climb out of debt and get control of your situation without filing for bankruptcy, if you are dealing with these occurrences on an ongoing basis, chances are you’ll need to do more than just “tighten the boot straps” to repair your financial situation.

Unfortunately, too many people wait too long to file for bankruptcy and they find themselves in a more dire situation than necessary. Had they taken action earlier, bankruptcy could have been easier. Filing for bankruptcy isn’t free, and waiting until you are penniless to file can backfire. You are better off taking action at a time when you still have some control and when you are able to proceed as you choose, instead of making desperate decisions with very little room for error.

For more information on the expenses related to filing for bankruptcy, view this article from US News and World Report.

What’s the Next Step?

If you are struggling with finances, unable to save any money each month, or unable to make the monthly minimum payments on the bills you owe, it’s time to consider bankruptcy. Even if you ultimately choose not to file, you need to gather information and make an educated decision based on your circumstances. Speaking to an attorney about how bankruptcy may or may not help you is a great place to begin.

To learn more about bankruptcy and to determine whether or not it is the best decision for you, contact the Law Offices of Robert M. Geller at 813.254.5696 to schedule a consultation free of charge.

Archive

Video Testimonials

Tampa Bankruptcy Law Blog

Will Bankruptcy Affect My 401k?

Bankruptcy can be a difficult decision. It’s one that has long-lasting effects on your financial future. One question that often...
Read More

Can Filing for Bankruptcy Affect Your Job?

Filing for bankruptcy can be a challenging decision that is fraught with many concerns. Among them is the fear that...
Read More

Can You Cancel a Bankruptcy?

Bankruptcy is an option that can save individuals and businesses from financial ruin. However, the process can be a long...
Read More

Does Bankruptcy Clear Child Support Arrears?

Bankruptcy is a legal process that provides relief to individuals who cannot pay their debts. One common question among individuals...
Read More

Is Alimony Dischargeable in Bankruptcy?

One of the biggest concerns that people have when considering bankruptcy is the effect on their financial obligations, including spousal...
Read More

Should You File Bankruptcy Before or After Divorce?

Marriage and finances can be a tricky combination. Timing is also an issue when it comes to filing for bankruptcy....
Read More

What’s Better Bankruptcy or Debt Settlement?

The idea of being trapped in debt can be overwhelming and all-consuming. Financial struggles can happen to anyone through no...
Read More

Can I Keep One Credit Card During Bankruptcy?

The decision to file for bankruptcy is never easy. People considering this option often struggle with financial stress, debts, and...
Read More

How Does Inflation Affect Credit Card Debt?

Credit card debt can be overwhelming. This is especially true during times of inflation. What is Inflation? Inflation is a...
Read More

Can Personal Bankruptcy Affect My Business?

If you’re a business owner considering filing for bankruptcy, it’s important to understand how this decision impacts your business. From...
Read More

Bankruptcy

For The Next 5 Days GET A FREE BOOK About Bankruptcy

Learn More

Infographics

We are A Debt Relief Agency.
We help people file for bankruptcy under the Bankruptcy Code

Pay Online Bankruptcy Courses Newsletter Subscription

Call For A Free Initial Consultation

813.254.5696

Tampa Office

Law Offices of Robert M. Geller, P.A.
807 West Azeele Street
Tampa, FL 33606
T: (813) 254-5696
T: (800) 853-7549
F: (813) 253-3405

Map And Directions

St. Petersburg Office

Law Offices of Robert M. Geller, P.A.
125 5th Street South
(Wells Fargo Financial Center)
2nd Floor, Suite G
St. Petersburg, FL 33701
T: (727) 532-3939

Map And Directions

Pasco Office

23526 State Road 54
Lutz, FL 33559
T: (813) 336-2320

Map And Directions