You can file for bankruptcy protection at any time as long as you have not had a recent bankruptcy. The time limit you must wait after having a bankruptcy dismissed or after a successful bankruptcy filing will vary depending upon the chapters of the bankruptcy code you filed under.
An experienced Melville, NY bankruptcy lawyer can help you to determine if you can file for bankruptcy protection. Call Ronald D. Weiss, P.C. today to get help learning about your options for filing for bankruptcy.
When Can I File for Bankruptcy Protection?
You may file for bankruptcy protection when you have too much debt and you are not able to repay the money that you owe. You should strongly consider filing for bankruptcy if:
- You are being harassed by debt collectors.
- You are being threatened with lawsuits, wage garnishment or liens on property.
- Your monthly debt payments are not reducing your debt balance because the interest charges and fees are so high.
- You are in danger of having your car repossessed or you are facing foreclosure or eviction.
- You have been operating a business as a sole proprietorship and your business has incurred too much debt to repay.
- The amount of money you owe is close to or in excess of your annual salary.
- You are considering taking a home equity loan, a second mortgage or a home equity line of credit to meet your debt obligations or to repay your debt.
- You are considering taking a 401(K) loan or cashing out your retirement accounts such as IRAs or 403(B) accounts as a method of repaying debt.
- Your debts are interfering with your ability to take care of your family’s needs or are causing significant personal stress or stress within your relationships.
There is no requirement that you be completely broke in order to file bankruptcy and there is not even a specific minimum amount of debt that you must have in order to be able to file for bankruptcy protection. If you believe you have serious financial problems due to what you owe, you should speak with an attorney about whether it is a good idea for you to file for bankruptcy protection.
Bankruptcy protection can help you to solve problems with most types of debts including:
- Personal loans.
- Medical bills.
- Some court judgments with limited exceptions.
- Credit cards.
- Other unsecured loans and lines of credit.
Bankruptcy will not result in you being able to keep your home or car without paying a mortgage or a car loan. While you can keep both your house and vehicle as long as you become current on payments, bankruptcy doesn’t get rid of secured debt obligations. Bankruptcy also does not get rid of back child support debt or certain types of tax debt.
Before you can file for bankruptcy, you must undergo credit counseling with an approved counselor or agency.
You should speak with an attorney about the requirements to file for bankruptcy protection and whether it will help you to declare bankruptcy. Ronald D. Weiss, P.C. can help so call today.