Do I Have to File For Bankruptcy?

Filing for bankruptcy is a big step in anyone’s life. For many, it’s a frightening word. Fortunately, in reality, bankruptcy is not nearly as big of a jump as many of our clients first believe. That being said, oftentimes, clients actually are relieved to learn that they do not have to file for bankruptcy at all. If you are unsure of whether you are ready to file for bankruptcy or not, you most likely have several questions weighing on your mind. We understand this, which is why below, we have compiled a couple of simple checklists to give you a better idea of where you stand. Please continue reading and reach out to our knowledgeable Rockland County bankruptcy attorney to learn more about bankruptcy, whether or not you should file, and how our firm can help you. Here are some of the questions you may have:

What should I do before deciding to file for bankruptcy?

Before making the decision to file for bankruptcy, you should ask yourself several questions, analyze several aspects of your financial situation, and speak with an experienced bankruptcy attorney. Some of the things you SHOULD do before filing for bankruptcy are as follows:

  • Assess the entirety of your financial situation.
  • Speak with your accountant about your income, any liabilities you may have, and the assets you own.
  • Review your credit report–if you do not have a credit report, ensure you get one.
  • Read all of your mail, every single day, and keep track of/copies of the mail you receive regarding who is collecting and how much they are collecting. Feel free to keep a folder of this information–anything to stay organized.
  • One of the worst things you can do is ignore a lawsuit, foreclosure, or collection action.
  • Speak with an experienced Haverstraw bankruptcy attorney who will honestly evaluate your situation and explain the pros and cons of filing for bankruptcy and whether or not you are truly ready to do so.

How do I know if it may be time to file for bankruptcy?

If you are experiencing any of the following scenarios, there is a good chance bankruptcy may be your best option.

  • Creditors are garnishing your personal wages.
  • You can no longer pay down your credit card bills or medical bills
  • Creditors have obtained judgments against you
  • The bank has frozen your account.

For any additional questions, give our experienced New York bankruptcy attorney a call today. We are here to help.

Contact our experienced New York firm

The Law Offices of Allen A. Kolber, Esq. effectively represents clients facing Bankruptcy in Rockland County and all of New York State. Our firm understands the stress one can feel when facing a difficult financial future. Our compassionate staff will work to ease your fears and help you make a new start. If you need quality legal support, contact The Law Offices of Allen A. Kolber, Esq.