Even if you are facing financial problems with significant debt, you may not know whether you should file for bankruptcy or not. Despite some common myths, people file for many different reasons. In addition, there are some good reasons for doing so sooner than later. Here are four of them.
- If You Are Drowning
If you are in a situation where you are struggling to choose between paying rent or making another minimum credit card payment, it is the right time to start considering bankruptcy Edmonds WA. No matter what, you need to do what is best for you and your family, and if you cannot pay your bills, you definitely deserve some relief.
- If You Expect Future Assets
Another reason to file now is if you are expecting additional assets in the future. This can come in the form of a raise or bonus at work or an inheritance following the death of a loved one. Whether you are expecting cash or property assets, it can be a smart move to file before you need to include them in your petition.
- If You Are Changing Jobs
Similarly, if you will be changing jobs in the near future and it will lead to significantly more income, filing now can be beneficial. Because bankruptcy law uses the means test to determine filing eligibilities, you may have more options while your income is lower.
- If You Are About To Lose Your Home, Car or Wages
When you start receiving eviction, repossession or garnishment warnings, it can be wise to start thinking about bankruptcy. Because submitting a petition puts an automatic stay into play, this can prevent creditors from moving forward on such processes.
Deciding to file for bankruptcy may not be an easy decision, but sometimes it is better to file sooner than later. If you are facing any of these situations, contact an attorney for help today.