If the thought of filing bankruptcy sounds scary to you, you’re not alone. While most people have negative associations with the word, it’s actually a useful tool when you need it. But, how do you know when it’s time to file for bankruptcy in Boca Raton? Here’s what you need to know.
Signs of Financial Troubles
Bankruptcy is filed when you owe more than you can pay and need to discharge debt in order to get a handle of your finances. Some signs that you owe more than you can pay include:
- Credit collectors calling
- Not paying or only paying the minimum on credit cards
- Being unable to pay your bills without using credit
Understanding Your Financial Situation
It’s time to look closely at your financial situation if you’re stressed, struggling, and creditors are calling. To understand your financial situation, you need to find out how much you owe, as well as your assets.
Compile all the debt that you owe and add up the total amount. Your debt is only part of your financial picture, so you also need to calculate your assets such as your home, vehicles, savings accounts, and anything that is of value.
Types of Bankruptcy in Boca Raton
There are two types of bankruptcy to consider. Chapter 7 bankruptcy sells off your assets to pay as much debt off as possible. Filing Chapter 7 offers a fresh start but may not be right for those who own businesses or assets they need to keep.
The other option in some cases is filing a Chapter 13 bankruptcy, which allows filers with an income to pay off their debt over a set period of time, with any remaining debt forgiven at the end. To better understand which bankruptcy in Boca Raton is right for you, talk to a lawyer.
Do You Need a Fresh Start Financially? It May Be Time to File for Bankruptcy in Boca Raton!
If you’re considering filing bankruptcy, the attorneys at SEM Law Group Law are here to help you navigate the process. We’ve helped many in difficult financial situations deal with their debt, get the creditors to stop calling, and get the fresh financial start they need! Contact us today at 561-939-8042 to learn out more about how you can improve your financial outlook.
