If creditors are calling you daily, your credit card debt is rising, and you have little or no savings or assets, it may be time to let Behm Law Group, Ltd. assist you with your Chapter 7 bankruptcy in Redwood Falls, MN and surrounding communities.
Chapter 7, the most common type of bankruptcy, is often referred to as “straight” or “complete” bankruptcy. Depending on your situation, filing a Chapter 7 may help you eliminate all of your debt without having any obligation to repay any of it. Because all of your debts may be eliminated, it is also often referred to as a “fresh start” bankruptcy. Chapter 7 bankruptcies are generally best if you don’t have a significant amount of assets, such as substantial equity in your home or other investments.
How do you know if Chapter 7 bankruptcy is right for you in Redwood Falls, MN? Here’s a roundup of red flags which signal a path toward bankruptcy:
Creditors are constantly calling you. If you are a chronic late payer or non-payer, you probably get numerous calls from your creditors, or their hired hands, wanting to know when they can expect payment(s). These calls can range from professional to downright harassing. Depending on the amount you owe and the lateness of the payment, the creditor might be willing to strike a deal with you regarding a payment plan. Be wary and consult a Behm Law Group, Ltd. attorney before agreeing to any deal.
You have rising credit card debt. If you find your credit card bill growing each month – despite your best efforts to pay it down – you’re headed for financial trouble. Making minimum payments and thinking you’ll eventually pay off your high credit card balances isn’t realistic. The way high interest charges are calculated and the associated fees with missing or late payments are added almost eliminates any value to making minimum payments on the debt. Also, if you’re using your credit cards to put food on the table and gas in the car, be very careful. Balances can add up quickly. If not managed proactively, they can become unmanageable in a short amount of time.
Your nest egg is small or non-existent. If you‘re living paycheck to paycheck, chances are you have not had the opportunity to save much or any money. Many people live their entire lives this way, always being vulnerable to happenstance and potential financial disaster when things go wrong. If you find yourself in this position, you could be on the road to bankruptcy.
If the above descriptions fit you and your family’s situation, call Behm Law Group, Ltd. at (507) 387-7200 and let us help you find an equitable resolution for your financial difficulties. We’re standing by to assist you with all of your bankruptcy needs.