• You are not making a dent into the balance of your credit cards and cannot afford bigger payments without leaving too little to pay for your basic needs
• You tried to modify your mortgage but couldn’t and your house will be sold at a foreclosure sale
• You are contemplating divorce and you have too much debt
• Filing bankruptcy after divorce may turn some debts non-dischargeable
• You are recently divorced and alimony or child support doesn’t leave you enough after paying your credit card debt
• You have more than one loan secured by your home(for example: 80/20 loans or an equity line), but your house is worth a lot less now
• Since your adjustable rate mortgage increased your monthly payment, you cannot stay current on your credit card debts without risking losing your home
• You are “robbing Peter to pay Paul”
• You are considering borrowing against or withdrawing your retirement savings to pay your debt – Don’t waste your hard-earned retirement money it until you consult your bankruptcy attorney
• Your tax debt is too much to handle and you filed all your income taxes on time or when extensions required it
Because you live in Los Angeles, and can't afford to pay off your debt.
Nearly all consumer bankruptcy attorneys offer free consultations. Take advantage of this to meet with one and get advice based on all of the details of your particular situation. You can find a referral at NACBA.org (National Association of Consumer Bankruptcy Attorneys).
Because you live there or you are about to live there.
You must file your bankruptcy in the area you live. And you must live there for a certain amount of time before you qualify to use the exemptions for that area. Otherwise, you must use the exemptions from where you moved from (as long as you met the residency restrictions for that area).
Answers & Comments
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• You are not making a dent into the balance of your credit cards and cannot afford bigger payments without leaving too little to pay for your basic needs
• You tried to modify your mortgage but couldn’t and your house will be sold at a foreclosure sale
• You are contemplating divorce and you have too much debt
• Filing bankruptcy after divorce may turn some debts non-dischargeable
• You are recently divorced and alimony or child support doesn’t leave you enough after paying your credit card debt
• You have more than one loan secured by your home(for example: 80/20 loans or an equity line), but your house is worth a lot less now
• Since your adjustable rate mortgage increased your monthly payment, you cannot stay current on your credit card debts without risking losing your home
• You are “robbing Peter to pay Paul”
• You are considering borrowing against or withdrawing your retirement savings to pay your debt – Don’t waste your hard-earned retirement money it until you consult your bankruptcy attorney
• Your tax debt is too much to handle and you filed all your income taxes on time or when extensions required it
• Your wages are being garnished
• Creditors are filing lawsuits against you
• You have large hospital debt
Because you live in Los Angeles, and can't afford to pay off your debt.
Nearly all consumer bankruptcy attorneys offer free consultations. Take advantage of this to meet with one and get advice based on all of the details of your particular situation. You can find a referral at NACBA.org (National Association of Consumer Bankruptcy Attorneys).
Because you live there or you are about to live there.
You must file your bankruptcy in the area you live. And you must live there for a certain amount of time before you qualify to use the exemptions for that area. Otherwise, you must use the exemptions from where you moved from (as long as you met the residency restrictions for that area).
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