Cleaning Up My Finances

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Cleaning Up My Finances

About six months ago, I could tell that I needed help. It seemed like no matter how hard I tried, I couldn't get my finances in order. I was spending way more than I earned each and every month, and it was absolutely devastating to my pocketbook. One day, I realized that all of my credit cards were maxed out, and that I was past due on my rent. I knew that I was going to get kicked out of my apartment for not paying, and so I started exploring the possibility of borrowing money from a lender. Long story short, my credit was in terrible condition, and I ended up declaring bankruptcy to make things right. Check out this blog to learn more about cleaning up your finances.

Are You Eligible For Chapter 7 Bankruptcy? Let's Discuss!

A lot of people find themselves in the position of not being able to stay financially afloat after a big change in their life. Maybe you lost your job and it took a while it get another one. You might have taken a pay cut. There might have been a medical problem that you or a loved one faced, causing you to take time off of work. You might have recently found yourself divorced and you have a single-income household now. To help you determine whether those things, or anything else that caused you some problems, are enough to qualify you for Chapter 7 bankruptcy, you will want to continue reading.

Your Take-Home Pay Is Less Than Your Expenses

Take a little bit of time to examine just how much money you bring in every month. This would include all sources of income, such as your regular paychecks, any regular bonuses you receive, alimony, and child support. You will then want to compile a list of all of your expenses. This includes your mortgage or rent, car payments, car insurance, utilities, phone plans, credit cards, personal loans, and then what you spend on groceries and gasoline every month. Do you have more monthly expenses than you have income? If so, then you might want to consider filing for bankruptcy.

Your Reason For The Delinquencies Is Not Changing Any Time Soon

If your financial situation is not expected to take a turn for the better in the near future, it might be time to talk with a bankruptcy attorney. However, if you had a change of income but you are about to start a new job that will pay you enough to cover all of your monthly expenses and then some, you might want to think about setting up repayment plans with your creditors.

So what do you do now? If you suspect that you might qualify for Chapter 7 bankruptcy and want to learn more, you will need to reach out to a lawyer. Specifically, you need a bankruptcy lawyer who can take a close look at your income and debts to determine what the best course of action for you would be. If they feel you qualify, they will give you forms to fill out and you will receive a case number. Your creditors will also receive this case number and that will cause them to stop all collection calls. You will receive notice as to when your bankruptcy hearing is and your lawyer will be there to represent you.

For more information, contact a bankruptcy lawyer near you.