For people living in the Mankato and southern Minnesota area, summertime gets to be a little hectic. Schedules are jam-packed with everything from county fairs to work events, Little League practices to Fourth of July celebrations. Busy schedules make it very easy to lose track of time.
When it comes to filing for bankruptcy, however, timing is important. There’s not a generally accepted “best time” of year for people to file for bankruptcy, so it can be difficult to decide which time is personally best for your finances. This summer, however, Behm Law Group, Ltd has developed a four-step process to make your decision a little easier:
1. First, ask yourself a few important questions:
Do bill collectors contact you regularly?
Do you feel afraid to address your finances or to consider bankruptcy?
Do you know how much money you owe?
Do you pay only the minimum on your credit cards?
2. If you answered “yes” to the above questions, it may be time to seriously address your financial situation regarding bankruptcy. This can be a scary realization, so it may be beneficial to recruit some help. After assessing your situation, contact a professional credit counselor or financial advisor. This professional can serve as a support system for both you and your finances!
3. Next, begin collecting all of your bills and expenses, adding together retirement funds, stocks, bonds, and any of your other liquid assets. Though this may be time consuming, it’s worthwhile. Having a calculated total of your assets will give you a much clearer understanding of your financial situation when considering bankruptcy.
4. Finally, compare your total assets to your total debt. If you find that your assets are still worth more than your debt, you may be a candidate for loan modification, refinancing, or creditor negotiation. If you realize that your assets are worth less than your overall debt, it’s likely the right time to file for bankruptcy.
Here in the Mankato and southern Minnesota area, summer goes by way too quickly. Rather than wasting time feeling worried about your finances or putting off tough decisions regarding bankruptcy, take control of your time. Contact Behm Law Group, Ltd today.