Instances You Should Consult Or Hire Chapter 7 Bankruptcy Lawyer

If you have never filed for bankruptcy, you may not know how challenging this task is. While this process can help you avoid paying your debts and prevent creditors from calling and threatening you constantly, your credit will be affected.

However, opting not to file for insolvency may cause debts to pile up, and you can easily find yourself in the worst situation financially. Luckily, a Chapter 7 bankruptcy lawyer can offer all the guidance you require if you aren't sure about liquidation.

So, when should you consult or hire a Chapter 7 bankruptcy law expert? Here are the top signs you need a lawyer's help for a liquidation case.

The Amount You Spend Exceeds Your Earnings

Have you put in efforts to increase your earnings but still incur more monthly debts? Maybe you have even tried to minimize your expenditures to basic things after analyzing your spending habits, but the debts are still piling up. If that's the case, you should know you are a bankruptcy candidate and need assistance from a qualified lawyer. 

Digging yourself into more monthly debt will only complicate your life since debts gain interest. A good liquidation lawyer will provide advice and help you file for bankruptcy to ensure you don't commit financial suicide.

You Are Almost Losing Your House

When you struggle to pay your bills or reduce the mounting debt, you may find it hard to keep up with the mortgage payments. Remember missing a payment will prompt the bank to take away the house as a way to cover your dues. Besides, if you own the home but still owe the bank another debt, the house can be used as collateral. The bank can decide to claim the property to cover the unpaid money.

If you are facing any of these scenarios, consider talking to your Chapter 7 bankruptcy lawyer. This way, you will find a way to retain the house regardless of your debts. The lawyer can recommend ways to minimize the bills and get the payments on track.

You're Using Credit Cards for Your Regular Expenses

In some severe cases, you may find that you are using credit cards to cover your daily costs. This occurs when you don't have the income to pay for the day-to-day expenses like utility bills and food. Putting these expenses on credit cards because you lack enough money in the accounts is an unsustainable choice. Your only option is to find a way to bring money into your household.

Reach out to a bankruptcy law firm like Supple Law Office, PLLC to learn more.