' When Is Bankruptcy the Best Option? - FL Law - Robert M. Geller
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, and 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

Can a Bankruptcy Discharge Be Revoked?

Filing for bankruptcy is a difficult decision that can have a significant impact on your finances and future. Fortunately, bankruptcy...
Read More

How is Marital Debt Divided?

Filing for bankruptcy is a complex process and becomes even more complicated when marital debt is involved. Marital debt refers...
Read More

What is Skip Tracing in Debt Collection?

When you lend money to someone whether it is for personal or business reasons, it’s especially difficult when they don’t...
Read More

What Happens at the End of a Chapter 13 Bankruptcy?

Dealing with bankruptcy is never easy. However, if you find yourself in a situation where you need to file for...
Read More

Can My Wages Be Garnished for My Spouse’s Debt?

Marriage is a partnership that often extends to financial issues, including debt. Unfortunately, not all spouses see eye to eye...
Read More

What Happens When You Get a Court Summons for Debt?

Getting a court summons for debt can be an overwhelming and frightening experience, but it doesn't have to be. Despite...
Read More

Can a Debt Collector Serve You Papers at Work?

Debt can feel overwhelming and stressful, especially if you have creditors calling you at work. Many people wonder whether this...
Read More

What to Do If a Debt Collector Threatens You?

Dealing with debt collectors is stressful and challenging. Even under the best of circumstances, contact from a debt collector is...
Read More

What You Need to Know about Updates to Student Loan Bankruptcy Discharge Laws

Are you struggling to make ends meet because of hefty student loan debt? The good news is that you may...
Read More

What is Considered Harassment from a Debt Collector?

Being in debt is never easy, but it’s especially devastating when you're being harassed by debt collectors. Of course, debt...
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