Should I File for Bankruptcy? Part 2


If several of the following apply in your situation, you might consider bankruptcy:

  • You are behind on your mortgage payments and your mortgage lender has threatened or started foreclosure proceedings against your home
  • You have child support arrears and need to set a payment plan
  • You have student loans that are out of control
  • You co-signed for someone and they are in default
  • Your wages or your bank account have been garnished
  • Most of your debts are credit card bills, hospital or doctor’s bills, etc.
  • Your total debt, not including your car or house loan, is more than you could pay, even over five or more years
  • Collection agencies are calling you at home and/or at work
  • Your payments are more than 30 days behind on more than one bill
  • There are lawsuits pending against you
  • You have high medical bills not covered by insurance
  • You owe income taxes that you are currently unable to pay
  • You have had property repossessed (such as a vehicle)

About the author: Stephen Levesque is the owner of the RI Bankruptcy Center and concentrates in the areas of chapter 7 and chapter 13 bankruptcy, and home loan modifications, serving clients throughout Rhode Island and Massachusetts. For more information on this subject or to setup your free consultation please call us at (401) 490-4900 or visit our website for more info.