Filing for bankruptcy is an extremely complex decision and should not be made lightly. If you are overwhelmed with past due payments, it may or may not be the right option for you. It is important to educate yourself on the process and the consequences before you choose to file bankruptcy in Staughton, MA. You should also consult a bankruptcy attorney to assess your unique financial situation. Here are a few things to consider before filing for bankruptcy.
Bankruptcy should be used as a last resort. You should not consider it unless you have exhausted all of your other options. One thing you can do is contact creditors and try to make payment arrangements. You can often reduce unsecured debt such as medical bills simply by making a phone call and asking for a discount. Some companies will give the rates negotiated by insurance companies to those who are uninsured if they ask. You may also want to consider getting a second job temporarily or sell your car and purchase something smaller. If you have tried these things and the bills keep piling up or your wages have been garnished, however, it may be in your best interest to file bankruptcy in Staughton, MA.
You should not file for bankruptcy when you are still accumulating major bills. For example, if you are currently undergoing medical treatment you should wait until the treatment is done. Any bills incurred after you file bankruptcy in Staughton, MA will not be included in the settlement and you will be responsible for paying them in full. It is a good idea to wait until all of the bills have been issued before you begin trying to climb out of debt. It is important to remember that you will not be able to file for bankruptcy again for at least another eight years.
If you think that filing for bankruptcy is probably the best option, don’t try to do it on your own. Even though there have been many positive changes made to bankruptcy laws in the past few years, they are still extremely complex. You should consult with a few different bankruptcy attorneys and hire one to help you navigate the process. Don’t be afraid to ask a lot of questions when deciding which one to hire. They are well versed in the intricacies of bankruptcy law and can decide on the best course of legal action for your unique financial situation.