One of the most effective and empowering things a person can do to regain control of their financial life and future is filing for bankruptcy. For many, it is hard to know exactly when to contact a bankruptcy attorney in Frederick. There are some specific indicators to look out for. Here are some questions that come up along with the answers as to when it’s time to file for bankruptcy.
Impossible to Pay Debts
A great majority of Americans carry a substantial amount of debt. This isn’t the issue. The problem comes when the person doesn’t have the income to repay that debt over time. One should look at the current debt they are carrying, then weigh that amount against their annual income. Is it realistic to repay all the outstanding balances on what is made per year? If the answer is no, it may be time to consider filing for bankruptcy.
Being Sued by a Creditor
Creditors reserve the right to recoup the money owed to them. Those that don’t repay a balance due may find themselves with a lawsuit filed against them for non-payment. If the creditor wins, and the person with the debt doesn’t have the means to repay, their wages can be garnished. This course of action can impose a major financial burden on a person; however, bankruptcy laws are in place for these types of situations fortunately. Pursuing bankruptcy may be the solution to a creditor’s effort to garnish your wages.
Threat of Foreclosure
A mortgage lender can foreclose on a home if the borrower misses their home loan payment. This normally isn’t an instantaneous process. Like any legal matter, foreclosures take time to resolve. People receive ample warning. Those that have already received a foreclosure notice or are in danger of receiving one may discover that filing for bankruptcy can offer some options. This issues a temporary, but automatic, stay on the foreclosure, which will give the borrower an opportunity to work with an attorney and explore ways to hang onto the home.
Those considering hiring a bankruptcy attorney in Frederick can turn to Russell & Heffner LLC for the legal support they need when filing. They offer evening and weekend consultations for your convenience. They are committed to helping their clients get a fresh start. For more information, browse our website.
