' When Is Bankruptcy the Best Option? - Law Offices of Robert M. Geller
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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.

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

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Law Offices of Robert M. Geller, P.A.
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Lutz, FL 33559
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