Should I File for Bankruptcy?

There are numerous factors to determine if you should file bankruptcy. If you answer “yes” to any of the following questions, you should consult with a Gregorek and Associates’ bankruptcy attorney to counsel you and evaluate all your legal options. Remember, only an attorney can fully inform you of your legal rights and remedies.

• Are lender(s) threatening to repossess a vehicle, mobile home, or personal property?
• Are creditors harassing you by calling you at work, calling your employer, family, or friends?
• Are you in arrears on your home loan?
• Are you working with a lender for a loan modification on your real estate loans?
• Are you considering a “short sale” for any real estate you own?
• Are you in foreclosure?
• Are your medical bills mounting up and you have no ability to repay them?
• Are you recently divorced and have growing credit obligations?
• Are you subject to a judgment or wage garnishment?
• Are you delinquent with the IRS or any other taxing authority?
• Are you unemployed and cannot pay your bills?
• Are you suffering from the loss of a loved one and no longer able to pay your bills?
• Are you working with a credit/debt counselor or consolidation organizer?

There are a number of organizations offering various credit repair programs and the like, beware of scams.

By answering “yes” to any of the above questions it is in your best interest to call for a consultation with one of our bankruptcy attorneys. Remember, few of us intentionally put ourselves in financial harm’s way, but circumstances arise that are beyond our control and are not the fault of anyone. It is simply a reality that must be dealt with properly. Bankruptcy’s FRESH START gives you that second chance to begin anew and rebuild your finances and take care of yourself and your family.

Many individuals have tried consumer debt/credit counseling whereby a debt consolidation company will work with you and your creditors to establish a payment plan. Overwhelmingly these programs fail, resulting in you having paid out considerable money on debts that will eventually be part of your bankruptcy.

We have all become familiar with the term “loan modification” in the past few years. This is a program whereby you attempt to negotiate new terms for an existing home loan. The modification is to lower your monthly payment to a point you can afford the payment. The reality is that these programs rarely work and the lender has you making payments for months on a home that will eventually be foreclosed upon anyhow. Again, you are spending money on debt that can be discharged in bankruptcy and the money you were spending can be better spent to build your financial future.

When you receive your discharge in bankruptcy, your monthly obligations will have been greatly reduced and you can start to establish financial security for you and your family. This process can be greatly enhanced by meeting with our estate planning attorneys who can assist you in development of savings programs and asset protection to avoid similar situations in the future.