Bankruptcy filing is a legal process that discharges debts of a person and gives him chance to start afresh. The most commonly filed bankruptcies are under Chapter 7 and Chapter 13. You would need legal guidance and representation from an experienced and competent bankruptcy attorney.
Right Time to File for Bankruptcy
The first thing to do is to recognize your debt problem. If your credit cards and loan payments are not being paid, it is an indication of debts going overhead and it is high time you took some action. Things can get worse if you continue to spend without you ever realizing. If your feel that you are routinely spending more than you are earning, maybe it is time to review your financial records. Some other indications of a looming bankruptcy filing is if you continue to make only minimum payments on credit cards, if your credit limit has been maxed out, you have no exact figures pertaining to your debts, you routinely skip payments on bills to make payments on other bills, you use cash advances on one credit card to pay off another etc. Bills are always a problem and there can be many tiffs with spouse and family members when finances get out of hand.
If you have recently been denied a credit loan, it is high time you checked your credit reports to see what it contains. Slowly creditors would start calling you at your home and you might even find out that you owe more on your car than its worth. All these situations are indicative of an impending bankruptcy filing. Consult a good bankruptcy attorney and file for bankruptcy under his expert legal guidance.
Credit counseling has been made mandatory in a bankruptcy filing. Credit counselors who are neither good nor helpful can cause more harm than good. Be wary if they ask for money as advance, they warrant a back ground check from your state Attorney General, consumer protection agency, or Better Business Bureau. Even credit repair clinics and credit doctors can promise you things that they cannot always deliver. Always remember that they cannot remove any bad information from a credit report, you need to contact a credit reporting agency for that.
Second mortgages should not be opted for, since if you are already in financial trouble, it might increase your risk of losing your home. Thus be very careful while taking any loan consolidations or considering refinancing options while on the brink of bankruptcy. This would increase interest that you owe or other requirements such a big fee etc. File for bankruptcy and try to regain your financial health. Financial recovery would give you the new start that you aimed at while filing for bankruptcy.
Contact an experienced Savannah GA bankruptcy attorney if you need debt relief assistance or want to file bankruptcy.