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3 Questions to Answer Before Bankruptcy


For most people, when finances get tight bankruptcy isn't plan A and sometimes it isn't plan B either. Bankruptcy usually falls into plan C, when debt appears to have no end in sight. However, bankruptcy should be the first thing you consider if you encounter the following issues such as when your liabilities are overwhelming your assets, creditors are becoming a daily headache or a dire situation such as illness or job loss is affecting your payments. Below, you will find three questions that you should answer while considering bankruptcy.

1. Are Your Liabilities Greater Than Your Assets?

Each month when bills are due, many people sit down and assess their finances. As they do this, people need to ask themselves, "are my liabilities greater than my assets?" If the answer is yes, it is most likely that the consumers are at a point where they cannot catch up with their debt and may never catch up without some help. According to Leslie Tayne, debt relief advisor, "if your income will never let you meet the requirements to pay even the minimal amount of what you owe each month, then bankruptcy is the best option."

2. Are Creditors Willing To Negotiate?

Trying to negotiate with your creditors can temporarily prolong draining your finances. If your savings are depleted and your income has fallen, you might be able to adjust your payments by showing proof that your finances have gone through a drastic change. Common ways of proving this are by providing recent paycheck stubs or bank statements. However, chances are creditors will not be willing to negotiate and even if they do, eventually the negotiation phase will end. Once the answer to, "are your creditors willing to negotiate?" becomes no, it is time to take action and bankruptcy is the safest option.

3. Do You Find Yourself In A Dire Situation?

Life is unpredictable at times and job loss or illness can happen to us when we are unprepared. If bills and debt are becoming too burdensome you may want to file bankruptcy before it eliminates your monthly income. Bankruptcy is about providing relief. When undergoing a dire situation, bankruptcy can remove your financial stress while you get back on your feet.

We at Timothy J. Sierra Attorney at Law would like to state that our blog posts and links, on our web page or any other social media outlet, to any other web pages are not intended for legal advice. We are not responsible for third party website information. If one is in need of legal advice please contact an attorney directly.

Source: WiseBread | Bankruptcy

  • "When I first came to the decision to file for bankruptcy, I had no idea where to start. I began researching attorneys on the internet and came across the information for Tim Sierra. Since he specialized in bankruptcy and had a lot of experience......"
  • The process of going through bankruptcy could be very overwhelming but Tim made me feel at ease and I felt that my needs were being taken care of. I truly feel that he had my best interests in mind and the lines of communication were always open....
  • "I had to file a Chapter 7 bankruptcy. I didn't know anyone who could refer someone so I took a chance and just looked on the Internet. I don't remember exactly why I chose Mr. Sierra, but I am glad I did..."
  • He was honest, straightforward, and hard-working. In my case I ended up with some extenuating circumstances and he handled the matter professionally even though I'm sure the work probably exceeded what he originally felt it would be....
  • I don't ever write reviews, and I had no prior relationship with Mr. Sierra. This review is simply being written as a service to others that Mr. Sierra is an excellent attorney and should be considered for your needs if you need one....
  • "I'm very happy to have been referred to Tim for my Chapter 7 filing. He was knowledgeable in his field and very responsive in replying to any questions or concerns I had. Tim was also very accommodating with meeting times..."
  • " I recently was in need of Mr. Sierra's services and I found him to be very understanding and helpful in my particular circumstance. He met with me and explained everything in full detail and also answered every question that I had....."
  • " I recommend Timothy Sierra a loyal and dependable lawyer. When you talk to him you feel that you are with a friend or a member of your family. Timothy is able to lead you in every step of the process. Good job Timothy."
  • " Bankruptcy is a private and personally devastating life event. Timothy Sierra and his assistant, Nancy, made the process as painless as possible. They kept in close contact via phone and email so I always knew what was happening in my case...."
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