In our offices, it’s a common sight, and that’s why we understand it so well: when different types of debt relief fail, and the client still can’t handle their outstanding accounts, it’s time to consider Bankruptcy. Nobody desires it, but not all is lost; sometimes, it’s a good idea.

Through Bankruptcy, you can reduce or eliminate debt, allowing you to reshuffle the cards and slowly start getting back on your feet. Nobody aims for or desires bankruptcy, but it’s a valuable tool.

Nothing comes for free in this life. Declaring Bankruptcy will affect your credit score, that’s true. Let’s agree that your score wasn’t in the green numbers if you already have debts and need to keep up with payments.

The American Bankruptcy Institute reports a 23% increase in bankruptcies from May 2022 to 2023. The reality in the country is such that if you’re on this list, you should consider this financial tool:

• Creditors are suing you for debt payment.
• You’re considering borrowing from a 401(k) account to pay bills.
• Your home is at risk of foreclosure.
• You’re paying for basic needs with a credit card.
• You’re using one credit card to pay another (the worst idea ever).

We’ll also advise you on actions you should NOT take if you’re considering filing for Bankruptcy. Please forget about paying creditors or taking on new debt; it’s better to contact a bankruptcy attorney and start devising a plan. Avoid making unusual transactions, and don’t touch your retirement funds.

Our legal team is specialized. Don’t hesitate to contact us and start saving your finances: one step at a time.