Should I File Bankruptcy?

Filing for bankruptcy is a personal decision. The following is a quick guide for you.

  • I skip bills or pay them late.
  • Bill collectors often call my home or office.
  • I spend more than I earn.
  • I often use Pay Day loans to cover bills.
  • I can’t pay the pay the minimum on my credit card bills (it can take 10 to 15 years to retire the balance).
  • My credit card balance increases each month.
  • I am falling behind on my mortgage or rent.
  • I have been denied credit because of a low credit score (after filing a Bankruptcy credit scores can go up 150 points).
  • I have one or more pending lawsuits.
  • It is difficult to choose which bills to pay.
  • I have received threats of auto repossession.
  • I am unable to save even a small amount of each pay check.
  • I have borrowed from my 401(k) or cashed in part of my IRA to pay bills.
  • I have arguments with my spouse or partner about money.
  • I spend more than 20% of my take-home pay on credit cards and installment debts.
  • The thought of debt keeps me awake at night?

If you can relate to two or more of these problems, you owe it to yourself to find a solution. Robert J Adams & Associates will make taking the step toward bankruptcy (Chapter 7 or Chapter 13) a  little easier. You can count on having experts by your side who are  ready to fight for you.

Today, it’s easy  for banks, credit card companies and credit unions to empty their  customers’ pockets. They install fees and increase interest rates  without a thought. They look for high-risk, high-return investments, all  while using your money. Customers, depositors and taxpayers take the  hit while the big money institutions remain on top.

And  when asked how they can operate with no integrity or conscience, they  often respond with, “It’s not personal; it’s just business.” You should  take the same approach: What is best for me and my family? Analyze your  “business” situation, address the facts head on, and explore all  available options.

Robert J Adams & Associates has expertise in all forms of consumer debt relief, and we’re here to  help you navigate the process without uncertainty or fear. 

LIFE AFTER BANKRUPTCY AND YOUR NEW START

The  aftermath of going through bankruptcy can be just as intimidating as  the initial process. People worry they won’t be able to buy a house, a  car or get any type of credit for years down the road.

There is an abundance of misinformation out there, and Robert J Adams & Associates can help you weed through the jargon and pave a path for a brighter financial future.

  1. Let go of the guilt and fear. Millions of individuals and corporations have filed bankruptcy and  continue to do just fine. Continental Airlines filed three times and  still has planes in the sky. General Motors filed and is now selling  cars at record levels. Even Donald Trump’s businesses have filed on four  separate occasions. Countless clients have told me that filing  bankruptcy has lifted a heavy weight off their shoulders.
  2. Establish a realistic budget. You only have so much income, and necessary monthly expenses should always take precedence over luxuries.
  3. Get a secured credit card. Charge small amounts and immediately repay the balance. If you properly  maintain payments, you will likely receive a slew of credit card offers  within a year of filing a bankruptcy. However, this does not mean you  should accept all the offers.
  4. Open a checking and saving account if you don’t have one or the other. Put something into your savings  account from each pay check, even if it is only $5. Also make sure not  to overdraw your checking account.
  5. Order your free credit reports. And, look for accuracy.
  6. Consider home ownership. Many people believe that you can’t ever buy a house after bankruptcy,  but we have clients who are able to get a mortgage while in Chapter 13  or shortly thereafter. FHA loans are available after two years after a  Chapter 7 case is completed.
  7. Consider a car. There are many car dealers who sell and finance cars for folks who have  been in bankruptcy. But be careful and set your sights on a modestly  priced car that you can afford. There are countless tools online that  can help determine how much you should pay for a particular car. Do your  homework to ensure you’re getting the best deal possible.
  8. Watch your credit score go up. After a Chapter 7 bankruptcy your credit score will likely go up,  sometimes by 150 points. After six months, some credit scores actually  sky rocket into the 700s.

Robert  J Adams & Associates has helped thousands of good people, just like  you, get back on their feet financially. Take advantage of our  Complimentary and confidential consultation today.

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