Why and When to file Bankruptcy in Inland Empire?

Inland Empire California Bankruptcy

Overview of bankruptcy lawyer

Bankruptcy is a process that may happen to anyone. Millionaires and billionaires may think of filing bankruptcy and walking away from debts too. The same situation with a regular wage earner may feel during those difficult times of their life. Bankruptcy is a life-changing phase in one’s life that can be emotionally tormenting. The process of filing is long and may take months or years and cost hundreds of dollars.

 

Some of the reason why an individual or a business file for bankruptcy are; 

  • Medical expenses

  • Job loss

  • Credit card debt

  • Unexpected expenses

  • Student loans

  • Utility payments

  • Divorce

  • Foreclosure

  • Reduced income

  • Overspending or Bad budgeting

 

When you are experiencing some or all of the reason given above and collection agencies kept on calling you to get payments that are already behind due dates you may consider consulting a financial advisor and obtaining the assistance of the best bankruptcy lawyer in Inland Empire. Individuals may go through a liquidation to pay creditors. While businesses must have a plan of repaying debts a reorganization may be needed. There is no such thing as a perfect time for filing for bankruptcy. But some say that if your debts will take more than five years to pay, maybe the best option is to file bankruptcy.

debt collecting

There are two primary ways of getting you out of debts. First, decrease your expenses and second is increase your income. The decision of getting and staying out of debt is tough and needs commitment and determination. The actual solution of finding the money to pay will be tougher. Before you consider an emergency bankruptcy filing several forms must be submitted and a court-approved credit counseling class and a quiz must be taken. This course is done online, but some cases are done over the phone or in person. The certificate of credit counseling date must be a day before filing bankruptcy.