Deciding that you are going to file for chapter 13 bankruptcy is a big move and not something that you want to take lightly. Therefore, you might want to check out the following signs that you are truly ready for bankruptcy. This way you will know that you are making the right decision for your personal situation.
You Have Tried All Of The Repayment Plans
It is not hard to understand that you may not have the money to bring your past due accounts current all at once. That would be a near impossible task for the average person. However, you might be able to get your accounts up to date with the right repayment plans in place. These are plans that are subject to approval by the creditors. If you have not tried this already, call the companies that you owe money to and ask for a repayment plan that you can afford. If they are unable to approve the plan or you find that you are simply unable to keep the arrangements that are made, this might no longer be a suitable option for you.
You Are Starting To Avoid Phone Calls
Creditors will start to call you when you are not making payments on time. The occasional collection call might not be a problem. However, when you are so far in debt with past due accounts, you might find yourself receiving more collection calls than you can bare to handle. If you find that you are starting to cringe when the phone rings, simply because you can safely assume it is a creditor, you might be ready to talk to a bankruptcy attorney.
You Have Been Told You Are About To Be Sued In Court
If you are about to be sued in court in order to repossess your vehicle, foreclose on your home, or to put a judgement on your credit, you might want to consider moving forward with the filing of your chapter 13 bankruptcy. By quickly moving forward with this type of legal action, your creditors have to stop their collection efforts until you finish the bankruptcy process.
As you can see, there are a few good ways to notice that you might be ready for chapter 13 bankruptcy. Once you have decided that you are ready to file, you will need to find a law firm like Brent Sorenson & Associates, P.C. to take your bankruptcy case.
