| Bankruptcy Law - Questions & Answers
When should I consider
bankruptcy?
You should consider bankruptcy
when
- you've been unemployed for several months
and your prospects are questionable;
- it becomes evident you cannot pay your bills
as they come due;
- you start considering using your VISA card
to pay your MasterCard;
- you receive a letter from your mortgage
company threatening foreclosure;
- you fear your car will be repossessed;
- your car HAS been repossessed;
- you're considering a home equity loan to
consolidate your bills;
- you're considering cashing in your 401(k)
or your IRA;
- you're worried about protecting other assets;
- a creditor is threatening or has filed suit;
- you have significant IRS debt;
- you just can't abide any more collection
letters and phone calls.
Many people are under the mistaken
impression that bankruptcy will strip them of
their assets. In the vast majority of cases, however,
those who file bankruptcy keep all of their assets.
In fact, assets like your home, car, pension fund
and IRA are protected from your creditors if you
file bankruptcy. Therefore, it is vital that you
consult with a bankruptcy attorney before selling,
transferring or cashing in any assets.
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