When to File for Bankruptcy in Delray Beach

The word bankruptcy tends to have a negative connotation to it. People hear the word and instantly associate it with ideas of failure. However, things happen and life does not always go as planned. There’s absolutely nothing wrong with having to ask for a fresh start. It happens to the best of us from time to time. Here at The Law Offices of John E. Mufson, we know better than anyone what it is like going through bankruptcy. Not only is it stressful but it can be difficult to know if it’s the right decision for you. After all, no one wants to ever talk about the topic or share their personal experiences with bankruptcy. But we believe that this fresh start should not have any stigma attached to it. This is why our team of experts has come up with a guide to help you understand what bankruptcy is and when to file for it. We can help you with the rest.

What Does Bankruptcy Even Mean?

Bankruptcy is usually the route some people take when their debt has drowned them. They do not have any other options and are fighting back at their debt, but while they do this they are putting themselves in more debt. It does not happen often and to many people, but unfortunately, some people get stuck with multiple kinds of debt and end up getting lost in it all. When you file for bankruptcy, you get relieved from the debt and have a second chance. You can now rebuild your credit and have a fresh start. But, just because you are in debt does not mean that you should file for bankruptcy. Certain kinds of situations render reasonable. Here at The Law Offices of John E. Mufson, we are here to help you decide if this is the best option for you. But, in the meantime, check out a few of the questions below and how you would answer them.

The more yeses, the more likely bankruptcy is a viable option for you.

  • Do You Know How Much Debt You Have?

If you are unsure how much debt you have and have been either unable to figure it out or simply cannot keep up with it, then bankruptcy may be able to benefit you. However, if you can easily check your debt by calling your bank or logging into a banking app, then this may not apply to you. There is a difference between not being able to keep up with the debt amount due to drowning in it and simply not keeping up with it out of laziness.

  • Are Debt Collectors Calling You?

If you are being bombarded by calls from debt collectors then you may want to work with our team to see if bankruptcy is the best decision for you. This does not apply if you have an outstanding parking ticket or other small fees. This is for the people who are getting calls about all kinds of legitimate debt they have, such as student loans and credit card debt.

  • Do You Use Your Credit Card for Everything?

Another question worth asking yourself is how often you use your credit card. If you use it to buy leisurely things only then bankruptcy may not be a solution for you. However, if you use it to pay for necessities such as food, water, and rent, then it may be time to consider other options. Using your credit card for everything only puts you deeper into debt, and while you may be working to pay off your debt, using your card is keeping you stuck in a vicious cycle.

Contact Us Today

If you have answered yes to most of these questions, or all of them, then it’s time you reach out to a trusty attorney at The Offices of John E. Mufson. Our team can help you figure out if filing bankruptcy is right for you. If it is, you can have a chance at a fresh start and get the opportunity to build your credit. But you will never know until you have an expert speak with you about your unique situation. To learn more about filing for bankruptcy, give us a call today at (561) 272-1003.