It is a beautiful day outside and you would love to take the family out for the day but you’re wondering how to afford it after spending hundreds of dollars on minimum payments towards your debt. You wonder how long this will go for and you look at the bottom of your credit card statements and see the staggering information that it could take you another 83 years of minimum payments to pay that particular credit card off in full. That is a long time to wait before you can start enjoying your hard earned money! Should you consider bankruptcy?
There are options out there to help you break free from your debt and bankruptcy might be the best one for you.
So, how do you go about it and do you qualify?
Going about it is easier than you may think. Your first step is to contact a Licensed Insolvency Trustee (LIT). LITs are licensed by the Federal Government to accept a bankruptcy filing. The LIT or a qualified staff member will sit down with you and review your options. It is a free consultation.
Do you qualify or not? In order to file bankruptcy, you must at least owe $1,000 or more and the value of your assets must be worth less than the amount of money that you owe. In other words, if you were to sell everything you had you would still owe money to your creditors.
Does this sound like a similar situation or do you have more questions?
If so, please feel free to contact us or check us out on our website.