When Should I Consider Bankruptcy?

Many people are in over their heads these days.  They wonder if a bankruptcy lawyer can help them. The economy has been bad for 2 years and there is no good news which leads me to believe this will improve any time soon.  Unemployment is still over 9%.  Housing prices are still going down.  2.5 million homes are in foreclosure and over 1 million more are 90 days past due - headed for foreclosure.

Are you having trouble making your monthly payments on your bills?  Are you borrowing just to meet your monthly expenses?  Are you losing sleep worrying about your finances?  Is your house worth less than what you owe on it?  Have the banks jacked up your credit card interest rates because you've missed a payment?  These are all danger signs which you should not ignore.

CONSULTING A BANKRUPTCY LAWYER SOONER RATHER THAN LATER.

It is natural to try and solve your problems by yourself.  It is also natural to want to pay your bills and to delay even thinking about filing for either a chapter 7 or a chapter 13 bankruptcy.  But I have seen, over and over again, that I could have saved my clients a lot of money if only they had come to see me sooner rather than later.  Every month you only make a minimum payment on your credit cards is another month that the bank gets your money and you are only "treading water" and not actually improving your financial situation.

If your house is upside down and you have a second mortgage, in many cases the bankruptcy court can remove the second mortgage from your house so you only have to pay the first mortgage.

GETTING A FRESH START.

The sooner clients take positive steps to consult an attorney to consider their bankruptcy options, the sooner they can get back on the road to financial health.  The bankruptcy court is the place for many people to get a fresh start.


If you would like more information on this topic or other bankruptcy topics, please contact our Pasadena office at 888.368.8941 (toll free) or 626.389.8575. Mr. Phillip Myer will be happy to answer your questions for you. . If you need assistance regarding a Chapter 7 bankruptcy or a Chapter 13 bankruptcy, bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, getting rid of the second mortgage on your house, stopping a foreclosure or wage garnishment, asset protection, discharging debt, etc. we can help! Please contact us to receive a free consultation or visit our website at http://www.phillipmyerlaw.com/ to request an in-person consultation with an experienced bankruptcy attorney in the Pasadena, Glendale, Altadena, Alhambra, Sierra Madre, Los Angeles and San Gabriel Valley areas.