Chapter 7 Bankruptcy In Plano TX: When Is It Time To Consider Bankruptcy?

Chapter 7 bankruptcy Plano TXThinking about declaring Chapter 7 bankruptcy in Plano TX is scary.  It  can seem like an easy solution to what feels like crushing debt.  The problem is that thinking about it and actually doing it are two different things entirely.  That’s why it’s best to get the help of an attorney or counselor who can help you to understand the process and what to expect.  But before you see someone for help, there are a few questions you need to ask yourself to see if you’re in financial danger:

➤  Do I only make the minimum payment on my credit cards every month?

➤  Am I using credit cards to pay for groceries and other necessities?

➤  Are bill collectors calling me?

➤  Am I unsure how much money I owe?

➤  Have I thought about debt consolidation?

➤  Do I panic at the thought of sorting out my finances?

Generally, when you feel panicky about your finances and you answered yes to two or more of these questions, you may need the help of a Chapter 7 bankruptcy in Plano TX.  Before you see a bankruptcy professional, take stock of your finances.  Make an inventory of all of your liquid assets and all of your assets that can be liquidated like cars, savings or college accounts, retirement funds, real estate and cash.  Then make a list of all of your bills and debts.  If your debts are more than your income and assets, then you should consider declaring bankruptcy.

Also, remember that if bankruptcy is on the horizon, you must not try to hide assets that you’re afraid will be seized like cash or high-value property.  People sometimes think that they can give these items to friends or family to keep until after the bankruptcy has been finalized; but this is illegal.  Also illegal is loading your credit cards with charges or taking out loans immediately before filing so that you can wipe out that debt with bankruptcy.

Admitting you need financial help is the first step in solving the problem.  No one should take bankruptcy lightly but it is a tool that you and many others have used to start over.  In fact, United States bankruptcy laws exist because so many people get in over their heads financially.  Thankfully, bankruptcy laws protect both creditors and debtors but the only way to know exactly how they do that is by contacting an attorney familiar with Chapter 7 bankruptcy in Plano TX.  Call Collins & Arnove at (972) 516-4255 to get help from experienced bankruptcy attorneys and visit to learn more about  Chapter 7 bankruptcy.

Collins & Arnove | Chapter 7 bankruptcy Plano TX | 972-516-4255