I want to talk about bankruptcy and when you should file for bankruptcy.
Most people really do not know their financial situation. They have not made a budget or added up their credit card debt. When they do, they are surprised.
So how do you know if you can actually pay off your credit card debt, or if you should file bankruptcy to get rid of the credit card debt?
I have used a simple formula through the years to determine whether someone should file for bankruptcy or not. Here it is: If your total credit card debt is 25% of your total annual income, you are in major financial trouble. You may be able to pay off the credit card debt if you incur no more debt and really buckle down on your expenses.
I will be happy to personally walk through an analysis of whether you have too much debt and need to file bankruptcy. Call me at (805) 446-6262 and we can talk about whether you need to file for bankruptcy or not.
Certified Family Law Specialist*
(*State Bar of California),
Also Licensed in Texas.
We are a debt relief agency. We help people file for Bankruptcy relief under the United States Bankruptcy Code.