If you are in financial difficulty because of personal debts, you may be in a desperate situation. You’re not sure who or what to turn to, and the phone calls from bill collectors are never ending. One possible solution is to file for bankruptcy. However, you should first take a look at your personal finances.
Can you pay your debt back?
The first thing you need to do is make a list of every debt payment that you make each month. Along with this, list every monthly expense you have, then write down your monthly income. If you have more debt and expenses than you have income, you may benefit from a bankruptcy filing.
Can you cut back on expenses?
You need to be honest. Only things you absolutely need should be included. Things such as a car or a place to live are essential, but if you can move to a cheaper place to live, it is something to consider. If you can cut back on your expenses, can you pay back your debt? If not, you may need to speak to bankruptcy attorneys Loves Park, IL.
Of course, if you have any assets, you might consider liquidating them and paying down some of your debts. If you file for bankruptcy, you may be faced with the requirement to sell certain assets by a judge. However, there are many assets that are protected in a bankruptcy. Bankruptcy attorneys in Loves Park, IL, can tell you which of your assets are protected.
A good example of a bankruptcy law firm in the Loves Park, IL. area is Hampilos & Associates, Ltd.
