Are you concerned about when the best time to file for bankruptcy will be? If you have realized that your debt has grown to an unmanageable amount and you are starting to see your resources depleting your savings, retirement money, and income, now is a good time to file. Your savings, retirement money and income can all be kept even if you file for bankruptcy. There are exemptions that allow you to keep retirement funds and money in your bank accounts. If you deplete all of your resources to pay minimum payments and have nothing left over, you are putting yourself in a very risky situation that may not be necessary. Once your resources are depleted and you no longer have any money to make minimum payments, the banks or credit cards will send you to collections or get a judgement against you in court. A judgement can lead to wage garnishment or bank account levy which leaves you working hard everyday just to pay back your late fees, interest payments and principal balance.
When you find yourself in the situation where you are starting to deplete your resources to pay back your creditors, bankruptcy may be the best option for you. In a bankruptcy, you can keep all of your assets that you need to live and pay your necessary bills. Bankruptcy will eliminate all of your unsecured debt and will stop the risk of losing all your money to the banks.
Contact Bankruptcy Law Professionals to make an appointment if the situation above is similar to yours. We will guide you through the whole process with an attorney. We have free consultations available by phone or in-person. Please call 855 257-7671 to schedule an appointment with us at our La Mirada, Tustin or Riverside offices.