When is it time to speak with a Bankruptcy Attorney?

Posted By : admin
Category : Bankruptcy
28 - Jul - 2016

Calling a law firm to make an appointment with a bankruptcy attorney is not an easy thing to do.  Many people have said that it was the hardest part of the bankruptcy process.  So, if you are sitting at home right now wondering if you should make the call, then this blog is for you.

While every situation is different, the following is a list of some of the more severe financial “red flags” that mean it’s probably time to call a bankruptcy attorney to schedule an appointment soon.  So, even if you check one of the following, consider seeking a professional opinion:

  1.  You are 2 or more payments behind on your home and do not see how you are going to be able to get current;
  2. You have received a notice that your home is scheduled to be sold at sheriff sale;
  3. You have received a notice for a garnishment hearing and if your wages are garnished you will not have money to pay for food and shelter;
  4. Your family has had 2 or more vehicles repossessed in the last 6 months;
  5. You and your spouse have more than $30,000.00 in medical, credit card and unsecured personal loan debt (do not include student loans in this calculation).

Other “flags” that mean it might be time to call a bankruptcy attorney are less serious.  If you are checking off 2 or more from this list it is probably a good time to call a bankruptcy attorney:

  1.  You aren’t buying medications prescribed to you by your doctor because you don’t have enough money left after paying debt;
  2. You spend whatever money you have left at the end of the month after paying debt on food, and it isn’t enough;
  3. Each month you are taking a cash advance from one credit card to pay another credit card (also known as “robbing Peter to pay Paul”).
  4. You have a payday loan;
  5. You have a judgment against you for an unpaid bill that you cannot afford to pay;
  6. You don’t have any money to pay expenses such as a child’s book rental fee because you are paying your creditors;
  7. You continually defer your student loan payments because you are paying other debt;
  8. You are considering taking a 401(k) loan or have taken a 401(k) loan;
  9. You are considering borrowing money from family or friends to pay your debt;
  10. You are behind on debt payments for credit cards, medical bills and/or a personal loan.

Keep in mind that many bankruptcy lawyers will meet with people considering bankruptcy for an initial consultation free of charge.  For those of you who are residents of Fishers, Noblesville, Carmel, Indianapolis or the surrounding areas, Halcomb Singler, LLP, does offer a free initial consultation to potential bankruptcy clients.  Even if bankruptcy is not necessary or is not a good option, we are hopeful and believe that we can offer some beneficial advice to all of our clients dealing with debt issues.  At Halcomb Singler, LLP, we understand that opening up to a stranger about your finances is not easy and we hope that all of our potential clients understand that we understand this and will do our best to make the consultation easy.

For an appointment at our Carmel, Indiana, office call us at (317) 575-8222 or click here.