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Do not wait too long to file bankruptcy

The leading news story this week related to bankruptcy does not come from Kentucky, but Detroit, which declared bankruptcy last week. This bankruptcy filing was the largest municipal bankruptcy ever, surpassing that of Jefferson County, Alabama. The federal government has not been asked to help Detroit, nor has the city requested help. They claim this is a matter that must be worked out between the city and the state of Michigan.

The similarity for many people is that they want to avoid bankruptcy and hold out filing a Chapter 7 or a Chapter 13, often it seems, hoping for a miracle. During that time, your credit further deteriorates and your nerves fray, as harassing phone calls and never-ending mail arrives from creditors demanding payment.

Job loss, illness or an accident that leaves you with mounting medical bills or even a divorce can often cascade and cause your finances to spiral out of control. When the debts become insurmountable, it is time to turn to help from a bankruptcy attorney. An experienced bankruptcy attorney and his staff can help you determined what type of bankruptcy can provide the most effective relief from your debts.

If you have no assets, a Chapter 7 may allow you to escape the crush of your debts, and if you have a car or home, filing a Chapter 13 could be the way to save your car and home.

These decisions complex and before you decide, speak with a bankruptcy attorney who can review your situation and help pick the bankruptcy filing that is right for you.

Source: CNNMoney.com, "Why Obama won't bail out Detroit," Chris Isidore, July 19, 2013

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