Choosing to file bankruptcy is a major decision and will impact your life for a very long time.
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Answers to Filing Bankruptcy and achieving financial security.
If you have come to this page, then you are seeking answers to some difficult financial questions. Choosing to file bankruptcy is a major decision and will impact your life for a very long time. This section is dedicated to providing the resources you need to be able to make an informed and intelligent decision.
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What are the warning signals that you may be a candidate for bankruptcy?
- Inability to make minimum monthly payments
- You have taken payday loans to meet basic budget obligations (food, gas etc) or bills.
- You are about to be sued or have already been sued by a collections attorney
- You find yourself juggling bills each month (paying some but not all)
- You have no emergency fund or savings
- You have been threatened with foreclosure or repossession
- All of your credit lines are at or near their maximum limit
- You have not taken a vacation in a long time
- You have relationship problems due to financial stress
Chapter 7 or 13…Which Chapter is Right For You??
Chapter 7 is best for you if:
- Your debts are mostly unsecured:
- Credit cards
- Medical Bills
- Short term or “payday loans”
- Department store credit cards
- Unpaid utility bills
- Civil lawsuit judgments, bank levies and wage garnishments
- You own very few assets or a house with little or no equity
- You do not make enough money to pay both your basic expenses and your debt payments
- You are current on your car and house payments
- You do not owe the IRS or Franchise Tax Board a lot of money
- You want to get in and out of Bankruptcy Court quickly
- You qualify for Chapter 7 because you are below median income or pass the “means” test
Chapter 13 is best for you if:
- You have too much equity in your home or “non exempt assets”
- You are trying to stop a foreclosure on your home and want to catch up
- You want to keep your car but are behind on your monthly payments, or ‘mod’ the loan
- You have a second mortgage or line of credit on your home that you would like to remove
- You owe the IRS or Franchise Tax Board a lot of money
- You are seriously delinquent in back due child or spousal support payments
- You filed a chapter 7 case within the last eight years and received a discharge