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3/5/2020

Do I need to file bankruptcy?

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Filing for bankruptcy is a heart wrenching decision.  On the one hand you want to do what you promised your creditors you would do, but on the other hand you have to house, feed, and clothe your family and yourself.  There is no question that bankruptcy should be the last resort, but as to whether you should file or not, my classic lawyer answer is “It depends.”

First, we need to look at why you are considering filing bankruptcy.  The most common reasons are the following:
  • Are you behind on payments on your house and/or car and being threatened with foreclosure and/or repossession?
  • Are you using credit cards frequently to supplement your income with cash advances or purchases of necessities such as groceries and payments of utility bills?
  • Has your house been foreclosed on or have you had a vehicle repossessed?
  • Do you have more than one credit card maxed out or nearly maxed out?
  • Do you have more than $10,000 of debt with credit card companies and/or finance companies?
  • Have you frequently been using payday loans and/or check cashing lenders to make it through the next week or two?
  • Have you been sued by a creditor and/or are you currently or soon to be garnished?
  • Are you getting numerous calls and letters daily from creditors harassing you or debt collection agencies?
  • Are you borrowing from one lender to make the payment to another lender, i.e., are your robbing Peter to pay Paul?
  • Have you had your license suspended for causing an auto accident where you were not insured?
  • Do you have large outstanding medical bills that insurance did not pay and you cannot negotiate a payment you can afford?
 
If your answer to any of these questions is “Yes”, then it may be a good time to see an Alabama bankruptcy attorney.  This does not necessarily mean you should file bankruptcy, but it does mean you may need some legal advice.  The attorney may suggest some of the following alternatives to bankruptcy:
  • Tightening your budget.
  • Downsizing homes and vehicles.
  • Looking at consolidation loans (and then destroying all credit cards)
  • Getting a second part-time job for more income
  • Having a stay at home spouse or of age child obtain employment.
  • Temporarily getting financial assistance from family or friends.
  • Negotiating with creditors.
  • Doing nothing.
 
If any of these alternatives allow the possibility of a LONG TERM solution, then they should be greatly considered even though it may call for tough decisions and hard work.  Why?  Although bankruptcy can be a “quick fix”, it comes with some serious long term consequences to your financial future.

The bottom line is I and many other Alabama bankruptcy attorneys offer free initial consultations, so it will not cost you anything to see what your options are.  If after talking to an attorney, you think you can dig yourself out of the hole you are in without bankruptcy then definitely try that.  But, if it does not work out you will be prepared and should have a plan.

If you have further questions regarding this or other Alabama bankruptcy, debt, or budgeting questions please email me.

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    I am an attorney located in Cullman, AL. I practice extensively in the area of consumer bankruptcy law, that is, I file Chapter 7 and Chapter 13 bankruptcies for individuals.  I handle cases all over North Alabama and have helped hundreds of clients through the bankruptcy process., I receive many referrals from former clients and their families and other attorneys. Why? Unlike other firms, I have a local office. If you are from out of town, we have the technology available to keep your traveling to a minimum. Also, unlike many firms, you will meet personally with an attorney, not a paralegal. An attorney will handle your case from start to finish. ,

    You will be taken care of throughout the process. We will obtain your credit reports to ensure all your creditors are listed. We will assist you in preparing the forms and then obtain your credit counseling certificate which is required prior to filing bankruptcy for you. We will explain the pros and cons of filing for bankruptcy and the different types of bankruptcy. We will not pressure you into entering into a bankruptcy process that you do not understand. We will be with you side by side through the bankruptcy process. , We represent individuals and work hard to lead them out of the debt traps, through the maze of bankruptcy laws, and to the relief of a bankruptcy discharge.

    ​I am a member of the National Association of Consumer Bankruptcy Attorneys, the American Bar Association, the American Association for Justice, the Alabama Bar Association, and the Alabama Association for Justice. I am a 1996 graduate of the University of Alabama School of Law. I also have a BA degree from the University of Alabama. The Law Office of Richard L. Collins is a federally designated Debt Relief Agency. Richard L. Collins helps clients file for bankruptcy protection under the laws of the United States. Alabama State Bar Disclaimer: No representation is made that the quality of the legal services to be performed is greater than the quality of legal services performed by other lawyers.

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Collins Law Offices, PC  helps clients file for bankruptcy protection under the laws of the United States.
​Alabama State Bar Disclaimer: No representation is made that the quality of the legal services to be performed is greater than the quality of legal services performed by other lawyers.
  • Cullman Bankruptcy Attorney
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  • About Bankruptcy Lawyer