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Is Bankruptcy The Right Choice for Me?

Amerio Law Firm in Sacramento represents those who want to achieve a fresh financial start through the filing of a bankruptcy petition. Bankruptcy proceedings are governed by federal law and are designed to protect those who cannot pay their bills from creditor harassment and lawsuits. By filing bankruptcy, a debtor admits that he or she unable to pay these bills and offers creditors some type of settlement. The court then discharges the debtor so that the creditors cannot pursue a case against that person in the future.

While bankruptcy is a good choice for some people, it is not right for everyone. In order to determine if bankruptcy is right for you, contact Amerio Law Firm in Sacramento for a consultation about your case.

How Do I Know If I Should File Bankruptcy?

Not everyone can or should file bankruptcy. Sometimes there are better alternatives to debt management. However, for those that have a case that is appropriate for bankruptcy, the benefits can be numerous.

Here are some basic questions to ask in order to determine if bankruptcy may be the right course of action for you:

  • Are your debts numerous and large? If you only owe money on a single credit card, bankruptcy may not be a good choice for you. However, if you have 15 creditors, with all of whom you are carrying large amounts of debt, you may want to think about your bankruptcy options.
  • Can you pay your bills? This is really the important question to ask yourself. If the answer is “no,” bankruptcy may be inevitable. Bear in mind that paying your bills must be considered a priority. The court will not look favorably on a debtor who has the disposable income to pay his or her debts but simply chooses to spend money on other things.
  • Do you have mostly unsecured debt? Unsecured debt means that you have debts that are not secured by collateral. Examples of unsecured debt include credit cards, personal loans and signature loans. These types of debts are dischargeable under bankruptcy. Secured debt, on the other hand, must be dealt with differently. The creditor may take the collateral as partial payment of the debt, so handling secured debt must be done carefully.

These basic questions can help you begin to think about your debt repayment or discharge options. Contact Amerio Law Firm in Sacramento for more information.

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