When Should I Consider Bankruptcy?

Financial trouble can come from many places. It could be the loss of a job, your hours getting cut at work, an illness, divorce or another unexpected circumstance. No matter what led to your financial situation, bankruptcy may provide a way out.

At Nowack & Olson, we are committed to helping good people find solutions to their problems. We can help you determine whether bankruptcy is right for you, then take steps to remedy your situation.

The best time to talk to a bankruptcy attorney is the moment you are no longer able to pay your bills. The sooner you file, the sooner your finances will get back under control.

When Should I Consider Bankruptcy?

It may be wise to consider filing bankruptcy if:

  • Your situation isn't getting better – If you are not seeing the balance on your debts go down, or even seeing them go up, your strategy of making minimum payments clearly is not working. Bankruptcy can allow you to get out from under those debts and make a new start.
  • You're worried about your retirement – If you have dipped into your retirement savings to pay off debts, you are doing your future self a disservice. Often, a bankruptcy filing is an option to preserve the income you will need after retirement.
  • Other people are depending on you – If you have a spouse, child, elderly relative or another loved one relying on you for support, it is essential to have enough money to cover emergencies and health insurance – not unsecured debts. Bankruptcy lets you prioritize what's important.
  • You may lose your home or car – Often, the threat of foreclosure or repossession is the final straw that leads to a bankruptcy filing. Bankruptcy can help you avoid repossession and allow you to keep your home.

Contact Us

If you are considering bankruptcy, you probably need it.

Please call 888-813-4737 to speak with one of the respected bankruptcy lawyers of Nowack & Olson. From offices in Fort Lauderdale, Miami and Palm Beach, we serve clients all over South Florida.