How Do I Know If I Should Consider Filing For Bankruptcy?

This short quiz will let you know if bankruptcy is your best option for getting out of debt.

Filing for bankruptcy is a big decision and not to be taken lightly.  After 14 years of practice and over 2,000 bankruptcy filings, I have come up with a simple quiz that will give you a clear answer.

Are afraid to answer the phone because it’s probably a creditor calling?

YES      NO

Are you scared to open your mail to see how big the bills are?

YES      NO

Are you embarrassed to apply for credit because you will be turned down?

YES      NO

Are you hiding your car so it can’t be repossessed?

YES      NO

Are you worried creditors may be calling your job?

YES      NO

Are you losing sleep because your paycheck might be garnished?

YES     NO

Are you stressed because BGE is threatening to turn off your lights?

YES     NO

If you answered YES to one or more of the above questions, you should seriously think about getting bankruptcy relief. Filing can quickly and easily solve any and all of the above problems.  Call Tracy today at (410) 243-1508 to set up a no cost consultation.

Credit score below 600– If your credit score is already below 600, filing for bankruptcy will probably IMPROVE your credit because you are wiping out all your bad debt.  If you make an appointment, we will pull up your credit report and show you your current credit score.  We will also show you what your credit score will look like a year after filing.  Most clients see a 50 to 100 point increase in their credit scores after filing!

Owe more than $10,000-If you owe more than $10,000, you may be better off filing for bankruptcy and saving the money you would otherwise pay to your creditors. You can use the money you save to make a fresh start for you and your family.

Have judgments- If you have a judgment against you, it will not go away for 12 years and can even be renewed after that.  Your paycheck and bank account can be garnished or frozen at any time.  Filing for bankruptcy may be the only way to make the judgment go away without paying it.

Owe BGE more than $1,500.00- if you file a bankruptcy, BGE must wipe out your old bill.  If your electric is off, they must turn it back on. So, if you have a large BGE bill, many times you are better off filing bankruptcy than trying to pay it.