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Common Reasons For Filing Bankruptcy

Common Reasons For Filing Bankruptcy

: Richard West Law Office

financesThere are numerous reasons why someone would need to seek bankruptcy protection in order to resolve financial hardship and regain control. If any of these reasons apply to you, contact one of our Dayton bankruptcy attorneys right away to see if its the right choice for you:

1. At risk of foreclosure — filing for bankruptcy can put a stop to, or prevent, a foreclosure by halting the actions of the lender while a plan is negotiated to resolve missed payments. Bankruptcy can strip away second liens and help you repay your missed payments in a Chapter 13 plan.

2. Overwhelming medical bills— when you suffer a condition or illness the medical bills can seem endless, but these are actually some of the easiest debts to eliminate in bankruptcy. If you qualify for Chapter 7 you could be free of these bills in a matter of months.

3. Loss of income — if you were to lose your job, spouse or other source of income, filing for bankruptcy can help resolve your debt obligations to free up money for you to make ends meet.

4. Harassed by creditors — missed payments and outstanding balances can quickly lead to your account being turned over to collectors. When you file for bankruptcy all collection actions must stop while your debts are resolved.

5. Being sued or garnished — one of the actions of creditors to satisfy the debt owed is to file a lawsuit or garnish your wages. Filing for bankruptcy can stop lawsuits and eliminate wage garnishment orders.