There are several indicators to look out for that may tell you that you’re on the road to bankruptcy. Here are some areas to analyze and compare with your current financial situation. If you find yourself appropriately described by several of these topics, then it may be a good idea to sit down with a bankruptcy or taxation lawyer and figure out what your next steps should be.

o Continual overdraft fees – Overdraft fees happen to everyone from time to time. However, if you find yourself in a position where you are over drafting on a very regular basis, you may want to take a look at your bills and your living expenses to determine if you are living beyond your means, or if you are totally unable to produce the funds needed to cover your debt and expenses.

o Credit card trouble – First off, get all your credit card statements together. How many credit cards do you have? How many of them are maxed out? How many are past or right at the limit? You want to be able to stay under thirty percent of the credit limit on your credit cards and loans; anything else and you may wind up in a bad spot.

o Children – As painful a realization as it is, if you are in a financial mess and you have kids, it becomes much, much harder to pull yourself out of a hole. Children are a leading predictor in bankruptcy cases – you would be wise to compare your bills with your monthly budget and figure out if you are realistically able to provide for them.

o Collectors won’t leave you alone – If you are used to ignoring your phone due to nonstop bill collectors ringing you for past dues, odds are you are not headed down a good road.

Bankruptcy is a serious decision, and should only be a last resort for most people. For most folks, there’s a good chance that they’d be able to pull out of the hole that they’re in if they were able to sit down and come up with a plan that eliminated debt over time by sacrificing some luxuries and getting help with a monthly budget. However, if you find it more and more unlikely that you will be able to get your head above water anytime soon, then you may want to look into bankruptcy as a possible new start.

Salt Lake City bankruptcy lawyers at 1 On 1 Legal Services work on cases where clients are having to file for chapter 7, chapter 11, chapter 13, personal or business bankruptcy. Their expertise in handling bankruptcies is equaled by their commitment to providing exceptional service to clients. They are always here for clients, provide one on one attention, and work with each client individually to develop and implement the best possible bankruptcy or debt consolidation plan. Their Salt Lake City bankruptcy attorneys goal is not only to help their clients overcome their current financial problems, but also offer them advice that will give hope for the future.

If you are facing mounting bills and debts, it is important to consult with experienced attorneys who have a thorough understanding of bankruptcy law. They are committed to helping you through this difficult time in your life. To schedule a free initial consultation, call the Salt Lake City bankruptcy lawyers of 1 On 1 Legal Services today.

Many people seek bankruptcy because they are unemployed, have large medical expenses, have marital problems, or have another unexpected expense. Filing for bankruptcy can be a very emotional time, and many people have questions about bankruptcy procedures in Texas.

The first step when considering bankruptcy is to identify an experienced Texas bankruptcy law firm and work closely with them to set a strategic financial plan. The law firm should offer a free consultation meeting to discuss the credit problem and decide if bankruptcy is the right option. If it is, the firm will begin drafting the petition and ask for your signature. Then a 341 Meeting is scheduled about 30 days after the petition is filed. This meeting is help with a trustee appointed by the court and is usually a fact-finding meeting in which the trustee makes sure everything is in order.

There are several types of bankruptcy that can be filed in Texas. Chapter 7 bankruptcy is sometimes referred to as a straight bankruptcy because it is a liquidation proceeding. In Chapter 7 the debtor will surrender all non-exempt property to a bankruptcy trustee. The trustee will sell off this property and distribute the cash to the creditors. In return, the debtor is discharged from all debts within a few months. In most cases of Chapter 7 Bankruptcy, the debtor has no assets to loose, so it provides the debtor with a quick fresh start.

Another type of bankruptcy is a reorganization of debt called a Chapter 13 Bankruptcy. This type of bankruptcy allows debtors to pay off their debts over a span of three to five years. Chapter 13 is set up for debtors with non-exempt property that they want to keep, or for a person who’s income is sufficient to pay their expenses and pay off their debts.

Usually the way to decide if Chapter 7 or Chapter 13 bankruptcy is to look at the non exempt assets of the debtor. There are several Texas specific exemptions that you can claim when filing for bankruptcy, or you may choose to use the Federal exemptions in your petition. The state exemptions include the following: homestead, personal property, insurance or government benefits, property of a business partnership, tools of trade, and wages or commissions. Consult a Bankruptcy Attorney in Texas for specific information on exemptions.

Offering expert advice and bankruptcy help to consumers and businesses, the experienced attorneys at The Vida Law Firm, PLLC represent individuals and small businesses throughout the Fort Worth, Texas area in all kinds of bankruptcy proceedings. If you or your organization is facing financial difficulties, mounting bills, foreclosure and repossession proceedings, or harassing collection activity, you can rely on their skilled Fort Worth bankruptcy advice.

The attorneys at The Vida Law Firm, PLLC can represent you and your interests to creditors, the trustee, and the court, helping you reorganize debts and make a fresh start. With nearly 70 years of combined legal experience, their attorneys have the skills and experience to guide you or your business through even the most complex Chapter 7, Chapter 11, or Chapter 13 bankruptcy in Fort Worth. To schedule a free initial consultation, contact The Vida Law Firm, PLLC today.