Lawyer Directory
Home | Lawyer Directory | Legal Articles | Legal Forms | Forums | Submit Listing | Contact Us | New Site
 Main Menu
Lawyer DirectoryHome
Find a LawyerFind Lawyers by State
Search AttorneysFind Attorneys by Profession
Bankruptcy LawBankruptcy Law
Criminal LawCriminal Law
Employment LawEmployment Law
Family LawFamily Law
Bankruptcy LawImmigration Law
Criminal LawPersonal Injury
Submit Legal ListingSubmit Lawyer Listing
Find an AttorneyLegal Articles
legal helpLegal Cases
free legal AdviceLegal Advice
Free Legal FormsFree Legal Forms
Advanced Lawyer SearchLegal Information
Legal News FeedsLegal News
FAQs for Legal AdviceFAQs: Legal Advice
Find an AttorneyLawyer Listings

 Mailing List
Enter your Email address to receive frequent updates.

 Legal Resources
Finding a LawyerFinding the Right Lawyer
Lawyer Fee and CostLawyer Fee and Costs
Lawyer DictionaryLaw Dictionary
Legal AreasLegal Areas
Legal TipsLegal Tips
Legal NewsLegal News Resources
Legal SoftwareLegal Software
Law Books and PublicationsLaw Book Stores
Criminal RecordsCriminal Records
Background ChecksBackground Checks
Legal PublicationsLegal Publications
State Codes and StatutesState Codes and Statutes
Attorney EmploymentAttorney Employment
US State Bar AssociationsUS State Bar Associations
Legal Website DesignWebsite Design
Legal Website HostingWebsite Hosting
Legal Website PromotionWebsite Promotion
Lawyer JokesLawyer Jokes

Why You Cannot Avoid Bankruptcy

Date : 4/17/2017  
Name :  George McKinley 
State :  NY 
URL : 
Category :  Bankruptcy 
Print Friendly VersionPrinter Friendly Version

Why You Cannot Avoid Bankruptcy

If you are struggling to pay huge mountain of bills, bankruptcy may be inevitable. Bankruptcy is one solution for escaping the suffocating nature of thousands of dollars’ worth of debt and debt collection. Although it can have serious consequences for your credit and your future borrowing, it may be your best option.

If you meet the majority of the following criteria, you may be unable to avoid bankruptcy:

You Are Thousands of Dollars in Debt

Most people who file for bankruptcy have thousands of dollars in debt that is accumulated for a number of reasons, ranging from taking out a mortgage, to medical bills, to purchasing electronics, cars, or other personal goods and household items.

If you have thousands of dollars in bills that you have to pay, bankruptcy may be the only way to eliminate the debt or establish a manageable payment plan.

You Are Only Paying Interest or Making Minimum Payments

If you are only paying interest on your loans and credit cards, you may not be able to avoid bankruptcy. If you are only making minimum payments each month, your debt will take much longer to pay off, you will end up paying more in interest than you would otherwise, and your credit score will be negatively affected. Further, debt collection agencies may start bothering you for payments.

If you have multiple loans or credit cards on which you are only paying the minimum each month, you may quickly find yourself in a financial situation that requires bankruptcy to escape. You can read more about the consequences of only making your minimum payments at

You Have Little or No Income

Another sign that you may be unable to avoid bankruptcy is a situation in which you have little or no income, and no hope for an increase in your earnings in the very near future. When coupled with credit card and loan payment requests each month, a lack of income can mean financial disaster.

You Are at Risk of Losing Your Home, Have Had a Lawsuit Filed Against You, or Have Had Assets Repossessed

If the bank has sent you a notice of default, which is the first step in the foreclosure process, and can be read about more at HUD.GOV, filing for bankruptcy will provide you with an automatic stay, which stops the foreclosure process in its tracks. You may also need to file for bankruptcy if you have had a lawsuit filed against you by creditors, or if you have had any of your assets repossessed. Again, the automatic stay will provide temporary reprieve.

Bankruptcy May Be Your Only Option

If any of the above scenarios are relatable to you, you may be unable to avoid bankruptcy. It is important that you start familiarizing yourself with the different types of bankruptcy (see’s website for more information), and consider speaking with a financial professional or a bankruptcy lawyer. The sooner you act to get your finances in control, the sooner that you can get your life back.

Tweet this Tweet this       Print Friendly VersionPrinter Friendly Version     

The legal information in this website is of general nature only and should not be regarded as formal legal or financial advice. makes no representation, guarantee, or warranty (express or implied) as to the legal ability, competence, or quality of representation made by any lawyer, nor shall it have any  liability nor responsibility for the results or consequences of any legal representation provided by any of the attorneys or law firms listed in this web site.

Any electronic communication sent to any of the attorneys or law firms listed herein, by itself, will not create an attorney-client relationship.
Users Online:  6 

Member Login

Remember me
Home  |  Articles  |  Submit Article  |  Lawyer Search  |  Free Consultation  |  Sponsored Lawyers  |  Payment
Terms & Conditions  | Disclaimer |  Privacy   |  Submit Listing Link Removal  |  Lawyer Advertising  |  Site Map
Legal Blog  | Contact Us