It is important that you realize that if you are facing difficult times—and you are considering filing bankruptcy—you must determine if filing is truly the best option for you to take.
If you now find yourself in a FINANCIAL BUBBLE you must take appropriate action if you are to avoid FUTURE TROUBLE!
Should I file Bankruptcy at this Time…
Are you now Broke on a routine basis and are you Unable to pay your monthly Bills on time? Is the Balance on your monthly outstanding bills more than your monthly income? Are you suffering from job Loss or a reduction of monthly income or are you Experiencing a major financial crisis such as high medical expenses, foreclosure, car repossession, eviction notice—or anything else that is making your future difficult to confront?
Do you have a false sense of where you are at financially? You may be able to correct all of that if you confront what you need to confront in the appropriate manner. You must not let confusion and uncertainty rule your future and you must have a clear view of whether filing bankruptcy is right for you!
Now is the time that you burst through your FINANCIAL BUBBLE and achieve the type of success that you always dreamed of in your heart and mind!
How to Determine if Bankruptcy is Right For Your Situation
Your analysis must start with analyzing your income and your expenses. Is your total debt higher than your total income?
Does your monthly income exceed your monthly debt—or is there a shortfall. For example—your monthly income is $4,000 but your monthly expenses total $4,500.
Are you currently juggling your credit cards to pay off debt—or meet your other monthly living expenses?
Do you use high interest products (payday loans, title loans, pawn shop loans, borrow from others etc.) to pay your monthly bills—or meet your living expenses?
Are you currently unable to pay your monthly bills on time?
Have you recently loss your job, had your hours or income reduced—or have you recently faced a major financial crisis due to mounting medical expenses, foreclosure—or notice of default on your home or auto loan—or any other major crisis?
In spite of facing the above—do you have a future windfall (additional income such as retirement, social security, insurance proceeds, legal settlement—or anything else) that you are expecting that could possibly turn your situation around?
If not, your credit may already be damaged—and bankruptcy should be considered as a real option—if you do not see a way to pay your debt off in the next five years or so!
Keep in mind that even if you turn over the keys to your house to the lender (friendly foreclosure) they can still come after you for the deficiency (shortfall) unless you settle with the lender—and include in the foreclosure “no recourse for the deficiency” and they agree to it—keep in mind that it must be done appropriately to withhold legal scrutiny.
By discharging your home loan through bankruptcy—the lender would not be able to come after you for the deficiency (shortfall).
Always keep in mind the fact that you may not be able to discharge child support orders—student loans or income taxes that you may owe, however you may be able to renegotiate them to more favorable terms.
Also keep in mind that damaged credit and/or filing bankruptcy may make your job seeking efforts more difficult, therefore if you are looking for a job—or considering a job change—be sure to maintain adequate credit if you can.
However, for those who are beyond that point—and find meeting their monthly expense obligations difficult at this time—be sure to consider bankruptcy as a possible solution.
Keep in mind however, that it may not be the only solution, nor may it be the best solution for your particular situation.
You must look at your situation from all angles, therefore be sure to get several opinions (nacba.com) from competent professionals—prior to actually filing bankruptcy.
This website—and other education will put you on solid footing where you can build a foundation that is strong and will better serve your and your family’s future concerns.
If you have high credit card debt that you have fallen behind on paying, you have fallen behind on paying your home mortgage loan or auto loan—and those amounts exceed your monthly income—and you are having difficulty meeting your monthly living expenses—you may be one who could really benefit from bankruptcy!
Many have fallen into hard times by poorly managing their finances and you now have an opportunity to avoid that pitfall in your future or start on a path to improving your situation—if you make the choice to do so at this time.
Final Thoughts on Bankruptcy & Wealth Accumulation
Filing bankruptcy is not only a major decision—it is often a difficult one and one that you must approach with caution. You must consider bankruptcy in a timely manner so that it can be used by you and your family—more effectively.
While considering bankruptcy you must know in your heart and mind whether filing bankruptcy is right for you and your situation. You must realize that the adversity or what caused you to consider filing bankruptcy is only temporary and will not cause long-term harm if you look at it from the vantage point that it is only a challenge to see if you can dig deep within and achieve much more in your life.
You must realize that all things happen for the good if you remain strong minded, strong willed, strong-hearted and you have the mindset and spirit that you can not only overcome—but achieve far more in your future!.
You cannot do like many who wait too late to file for bankruptcy—and often deplete their retirement and other accounts (retirement accounts such as 401k’s, 403b’s, IRA’s etcetera—are protected from creditors) prior to filing and put themselves in an even deeper financial hole.
We have seen many take what they thought to be decisive action—and the right action as it relates to their finances and in the end still end up filing bankruptcy.
It is important that you not make the same mistake!
It is imperative that you get competent professional advice upfront—and don’t be afraid to get several opinions as the decision that you make will affect you and your family for years.
Of course the best advice is to get the right advice from the first professional you choose—however in the current corrupt and litigious marketplace that we now live in—advice on multiple fronts is usually the best approach!
We are hopeful that this discussion has given you meaningful direction and you will use this discussion as a launching pad to start on a path of managing your credit and finances in a highly efficient and effective manner!
You must live your life daily knowing with certainty that any obstacle that comes your way (even filing bankruptcy if it is in your best interest to do so) will not affect your future plans in a negative way and will not cause you undue delay.
You must know deep within that the success that you desire will not only come your way—you must also know what you need to do every day. It is the desire of TheWealthIncreaser.com that you overcome from any adversity that you will face—and take your success to the right place!
About This Article:
The above article was written by Thomas (TJ) Underwood on March 11, 2015. Thomas (TJ) Underwood is a licensed real estate broker in the state of Georgia and is the writer behind The Wealth Increaser, Home Buyer 411, Home Seller 411, The 3 Step Structured Approach to Managing Your Finances, Managing & Improving Your Credit & Finances for this MILLENNIUM and CREDIT & FINANCE IMPROVEMENT MADE EASY—FREE GUIDE.
He is the creator of TheWealthIncreaser.com where he regularly blogs about helping consumers improve their credit, finance and real estate pursuits in an intelligent, consistent and proactive manner. He’s always looking for ways to make intelligent finance improvement happen for those who “sincerely desire” success in their future.
You can contact him from a number of sources but the most direct way is to contact him through Realty 1 Strategic Advisors Website. You can also get highly relevant tips on “living your life more abundantly” and possibly earn revenue at the same time by linking to TheWealthIncreaser.com.
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