Filing Bankruptcy – Moral Dilemma or Just Good Common Sense?

Most of us have been taught from an early age that if you work hard and earn a good salary, you will always be able to pay your bills.  Guess what?  WRONG!!  We live in one of the most expensive places in the world.  Sometimes we do things financially that we think are right at the time we do them that prove to be wrong.   Sometimes those mistakes spiral out of control.  Do not beat yourself up! Making mistakes is part of life.  Knowing when to take corrective action is more important.  Bankruptcy is not a bad word.  It is not evil.  The bankruptcy laws have been designed to help people address their financial difficulties in an honest, straightforward manner.

Rich Feinsilver can help you determine if a bankruptcy is the right financial alternative for your situation. Even if you are gainfully employed and you believe that you have everything under control, the following are some telltale signs that you may not be in the right place financially…

• There is too much month left at the end of your money, and each month you need to purchase necessities with a credit card.
• You are afraid to answer your telephone, even if you have Caller ID, or you dread opening your mail each day.
• You are at the maximum limits on your credit cards, and can barely make the minimum payments each month.
• You are borrowing from one credit card to make your minimum payments on other cards.
• You are borrowing from your retirement benefits to make payments on your credit cards.
• You are living paycheck to paycheck or with the fear that if either you or your spouse lost your job, you will be in financial hot water.
• You have applied for a debt consolidation loan, and have been turned down.
• You have sought credit counseling, and cannot make the required minimum monthly payment.
• You are constantly fighting with your spouse over money matters.
• Your bills are weighing on your mind to the point where you are constantly anxious, and it is now affecting your ability to sleep soundly or to perform your function day-to-day tasks normally.

If you answered yes to any of the above items, and you are reading this you should be applauded. You are here because you wish to take a positive step to regain control of your financial situation and plan for the future. You have acknowledged that a problem exists and you are taking action to address it.

FIVE MISTAKES PEOPLE MAKE WHILE CONSIDERING FILING FOR BANKRUPTCY

• Borrowing more money on your credit cards when you already cannot handle your current obligations.
• Borrowing from your retirement benefits to make minimum payments on your credit cards.
• Cashing in your 401K or IRA account to pay your debts.
• Transferring property out of your name for the purpose of avoiding attachment by creditors.
• Making large payments to one creditor or repaying a debt to a relative or business associate prior to filing for bankruptcy.

If you live in Brooklyn (Kings), Queens, or on Long Island (Nassau or Suffolk), contact the Law Offices of Richard S. Feinsilver. We can help you to work through your financial difficulties. If bankruptcy is necessary we can help ensure that you have the best chance to recover your financial independence and get the fresh start you deserve.