This is a question that comes up a lot with clients and the short answer is there is not a magic number or the perfect time. Our clients need to file bankruptcy for many reasons.
For some clients, it can be:
- loss of income,
- divorce or separation,
- foreclosure,
- overspending, or
- medical or family illness that lead to bankruptcy.
However, with all of our clients it is always better for them to seek answers to their questions now.
Whether they are ready to file now or not, the sooner you seek the advice, the better you can prepare yourself.
Nobody has ever sought bankruptcy advice too early.
We meet with plenty of people each year that may not be ready to file, but the information we can provide may allow them to put themselves in the best financial position leading up to and after the bankruptcy.
Early advice from our trusted team, may help you save your retirement account, a home, or maximize your assets in a bankruptcy.
So the short answer to the question of when is the right time to talk with a debt relief attorney is if you are considering debt relief options, now is the time to talk with our trusted team.
The second part of the question was how much debt is needed to file. Again, with this question, there is no magic number. Essentially, if you are no longer or shortly will no longer be able to pay the debt you have, it is time to consider your debt relief options.
Bankruptcy can provide you with a fresh start.
It can provide repayment plans for taxes, mortgage arrears, and discharge unsecured debts like credit cards. Talk with our trusted team to get a fresh start today.
If you have any questions about the topic discussed in this article, or any bankruptcy law matter, please give us a call at Bononi & Company 724-972-4180.