Should You File For Bankruptcy?

Any individual or business that is overwhelmed with debt is receiving complex and confusing information from many angles.

Debt consolidation companies may be contacting you. Creditors may threaten you. Payday loans and debt buying agencies may be tempting you to use their services.

In the vast majority of cases, bankruptcy is the most viable option for solving debt issues. Rather than getting a second job, draining valuable savings accounts (particularly retirement savings) or entering into more debt with predatory lending agencies, get the information you need from the Law Offices of Thomas P. Kelly III.

For decades, Thomas P. Kelly III has worked with people throughout Sonoma County, California, helping them overcome the stress and uncertainty of financial problems with reasonable and responsible solutions in bankruptcy. Every case is given individualized attention, meaning we will only recommend bankruptcy if it is truly what our experience has proven to be effective for individuals like yourself.

To reach an experienced lawyer who can walk you through the bankruptcy process with confidence,

Important Things To Consider Before You File For Bankruptcy In The Santa Rosa Area

If you are unable to pay your bills, and debt keeps piling up, then you are, essentially, already bankrupt. The challenge you face now relates to whether you are prepared to declare it with the bankruptcy court.

How do you know if filing for bankruptcy is right for you? Some key details to consider are:

  • What type of debt do you owe? If issues with nondischargeable debts such as child custody, unpaid taxes or student loans are causing you problems, then bankruptcy might not be most appropriate for you. Still, bankruptcy can help you make room to pay those debts if you are also struggling with credit card debt, medical bills or overdue mortgage payments.
  • Have you already tried to overcome debt by budgeting and restricting your spending in a responsible manner? Bankruptcy is intended for individuals or businesses that cannot pay off debt. If you have the means to pay your bills but simply need help budgeting to do so, then bankruptcy is probably not right for you.
  • Do you have debts with cosigners? Cosigners are responsible for repayment of your debt if you fail to pay them. Because of this, Chapter 7 bankruptcy is only appropriate for individuals whose debts do not have cosigners. Chapter 13 bankruptcy, however, can help with these debts as they are rearranged into payment plans that can be completed within three to five years.
  • Are creditors initiating collection proceedings? If your debt problems have reached a point where creditors are contacting you frequently, filing lawsuits against you, threatening to take your home or repossess your property, then bankruptcy is likely the right option. It can halt these actions against you immediately and give you time to work out a debt relief plan with your attorney.

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