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Does this Sound Like You? Bankruptcy may be an Option for You!

Published July 3, 2012 by Erin B. Shank, P.C.

September 13, 2012

Times are tough! There is not enough money to pay the bills. This may be a temporary problem, or a more serious problem that you can not recover from. I’ve been advising clients who are considering filing a bankruptcy case for 30 years. When clients are experiencing these fact patterns, I know that bankruptcy is a good option.

  1. You are unable to pay anything more than the minimum, required payment on a credit card or cards for more than three months in a row;
  2. You have obtained a title loan or a pay day loan;
  3. You have obtained a loan from a retirement account or (much worse) you took money from a retirement account to pay any bill;
  4. You are unable to pay your home mortgage or car loans;
  5. Creditors are calling you at home or work;
  6. Creditors are writing demand letters to collect debt;
  7. Creditors are calling your friends, neighbors or relatives (talk about embarrassing!);

Almost every client I counsel tells me, “I used to have perfect credit”. Nobody has perfect credit. Everyone has paid a bill late and that will affect your credit. However, if you have debt problems, you need to consult a bankruptcy attorney who can explore your bankruptcy options for you. Most attorneys offer a free consultation with their office. Exploring your options when you have overwhelming debt is a sound financial move. Addressing your debt problems can help take away your debt problems and get you back to restoring your credit.

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