CALL NOW!
FREE PHONE/VIRTUAL CONSULTATION

Three Questions to Help You Determine If Bankruptcy is Your Best Choice

Determining whether bankruptcy is the right option for you requires a great deal of thought. Every situation is different and each case should be treated on an individual basis. Some people have better options than bankruptcy or their financial situations are just not dire enough to require bankruptcy yet, while others can use bankruptcy to start fresh and put their financial woes behind them.

It is important to understand before filing that bankruptcy is more than just a declaration. It requires commitment on the part of the person filing. It also requires sacrifice. However, for many, it is the best decision they will ever make.

What are a few things you should ask yourself before you proceed with a bankruptcy filing?

Have I Contacted My Creditors?

Explaining your financial situation might give you an opportunity to negotiate a payment arrangement to help you get things under control. Creditors sometimes agree to be flexible to avoid the risk they face if you file for bankruptcy. If enough creditors are willing to negotiate with you, it might be possible to get your monthly finances under control.

Credit counseling agencies can also provide assistance with payments, by acting as a neutral third party and arranging lower interest rates and monthly payments on your behalf. Credit counseling and debt consolidation are not the same thing, so make sure you are working with a reputable credit counseling organization before agreeing to sign a contract or make a payment of any kind.

Is My Paycheck Affected by Wage Garnishment?

If your financial situation is bad enough that your paycheck is being garnished, bankruptcy could be your best choice. When creditors receive judgments against you they have the authority to receive money directly from your paycheck. Bankruptcy stops wage garnishment and can allow you to keep your take-home pay, while still getting your debt under control.

What Caused My Debt?

According to NBC News, medical bills account for approximately half of all bankruptcies.

Bankruptcy allows debtors to discharge medical bills or provide a three to five year repayment plan to make it possible to pay back the debt, making it an attractive option for those struggling with medical debt. If you are faced with astronomical medical bills and you know there is no way you will ever be able to repay what you owe, bankruptcy might be your best solution.

Does it seem as if bankruptcy would be your best choice? Are you still not sure and you are looking for guidance from someone who knows? We can help. Contact the Law Offices of Robert M. Geller at 813.254.5696 to schedule your consultation.

Archive

Video Testimonials

Tampa Bankruptcy Law Blog

10 Signs You Should File for Bankruptcy

When it comes to your finances, there may come a time when you feel like bankruptcy is the only way...
Read More

What Do You Need to Know Before Filing for Bankruptcy? A Chapter 7 Bankruptcy Attorney in Florida Can Help You During this Time

What happens during the time leading up to filing for Chapter 7 bankruptcy? A Chapter 7 bankruptcy attorney in Florida...
Read More

What Does It Mean to Declare Bankruptcy?

What does it mean to "declare" bankruptcy? Your bankruptcy law attorney will help you through the process. Declaring bankruptcy is...
Read More

Student Loan Forbearance Ends April 30th. Here’s What You Need to Know

The federal government extended forbearance of repayment of student loans during the COVID-19 crisis. This forbearance was due to end...
Read More

Is Better Money Management on Your List of Resolutions for 2022?

If you’re like most Americans, improving your financial situation is on your list of New Year’s resolutions for 2022. Whether...
Read More

3 Reasons to Send Your Bankruptcy Attorney in Tampa Florida a Christmas Card

Have you begun making your Christmas card list yet? Did you include your bankruptcy attorney in Tampa, Florida? It seems...
Read More

What Was the Biggest Money Management and Bankruptcy News of 2021?

Like most years, bankruptcy was a topic that arose in the news many times throughout 2021. Topics related to money...
Read More

3 Best Bankruptcy Tips of 2021

Learning how to manage your money is an ongoing process. Even the smartest money minds out there can always learn...
Read More

How to Prevent Bankruptcy from Ruining Your Holiday Season: Why a Spending Spree Before Bankruptcy Could Hurt You in the New Year

Should you go on a spending spree before bankruptcy to celebrate the holiday season? The answer might surprise you. The...
Read More

How to Avoid Holiday Overspending

The holidays are upon us and, as usual, many people are trying to keep their spending within a budget. As...
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

NACBA Logo avvo1 avvo2 avvo3 LEA BBB Logo

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