30 Mar Should I File Bankruptcy?
Yes, consider bankruptcy when you cannot pay your bills on time, says Illinois bankruptcy lawyer Andy Miofsky. “Bankruptcy is a straightforward and simple analysis”. When you check reality, either you can pay your bills, or you cannot. Often people try to cash in whatever assets they have in order to keep the collection wolves at bay. Or they try to borrow money to pay off the howling creditors. Unfortunately, if they are unable to pay all their debts, the problem is merely delayed, and after they exhaust all their assets, and after they borrow all the money they can from banks, then family and then friends, they are left with no other sources of funding. That is when the looming debt crashes down on them.
By undertaking a rational and prudent business analysis, a close look at one’s finances, on can easily determine whether debts are increasing or decreasing from one month to the next. If you are getting deeper in debt, you should make a change. If you cannot increase your income you have to decrease, or eliminate your debt, and the sooner you act, the better off you will be. When debt is crashing down on you, bankruptcy should be your first thought.
Andy Miofsky, Esq.
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