When Is It Time to File for Bankruptcy?

Bankruptcy may be the only solution a North Carolina resident has to get back on track in the world. Deciding whether one needs to visit a Concord bankruptcy attorney can be difficult. The best way to tell if it is time to visit a bankruptcy attorney is to ask the following questions:

Does My Debt Outweigh My Income?

The biggest indication that a consumer needs to schedule an appointment with a bankruptcy law firm is that he or she owes more than he or she is taking in. For example, the person’s debts are $1,000 a month but the person only earns $750 a month. That person is likely to qualify for bankruptcy in North Carolina.

What Is My Income?

Another indication that a person qualifies for bankruptcy is a low income. The 2014 median income for the state was $46,556. A consumer can be eligible for bankruptcy if his or her annual income is less than that amount. An experienced attorney may advise the person to file bankruptcy in NC.

Can I Qualify for a Consolidation?

A consolidation is a process that a person may want to try before that person contacts a Concord bankruptcy attorney. Three types of consolidation exist. The first kind is a large loan that a lender provides the consumer to cover all his or her existing debt. The second kind is a self-initiated debt consolidation that a consumer performs with a high-limited credit card. The third kind of consolidation is a third-party debt management plan. The consumer should see if he or she can possibly resolve the situation in one of those ways before moving on to a bankruptcy law firm.

Is There Anything Else I Can Do?

Other solutions such as debt settlement are available. A consumer may want to review those options before he or she digs into the field of bankruptcy. Even better, the person can contact a reliable bankruptcy firm and ask for advice. The attorney will review the person’s situation and let him or her know whether to file for bankruptcy in NC or not. An interested person can schedule an appointment by contacting the firm by telephone or by short form. They will advise the individual as to what to do. Interested persons can contact a dedicated firm immediately. The firm can assist the person with credit repair, as well.