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Tuesday, September 7, 2010

A common question nowadays: "Should I File For Bankruptcy?"

This is a guest blog post by
Donald Appignani, Attorney at Law.
Offices Palm Coast & Boca Raton area.
If Hamlet lived today and lived on this side of the Atlantic Ocean, would William Shakespeare change his famous line as “To file or not to file?  That is the question!

It is not a joke: These are tough economic times, not only in Palm Coast, Flagler Beach and Flagler County overall, but for the entire state of Florida and our nation…

According to American Bankruptcy Institute, with exception of 2005, the bankruptcy filings are at an all time high:

Many folks in Palm Coast an Flagler Beach ask me whether or not they should consider bankruptcy. 

In all honesty, that is an entirely personal decision, and it also depends on your particular circumstances.  For instance, some people do not have any assets over and above what the law allows them to keep. 

Some people find it helpful to file for bankruptcy because their financial situation is causing them emotional distress or depression, or because they would like to free themselves of debt now –if legally allowed, and if they want to have their income and assets to themselves in the future.  Also, some people may find that a bankruptcy is worth filing even if they do lose some of their assets.

If your answer is YES to some of the following scenarios, you may be a candidate to consider bankruptcy:
  • Your wages have been garnished, or your bank account has been attached. 
  • Most of your debt is unsecured; such as credit card bills, or hospital or doctor’s bills.
  • Your total debt, not including your car or house loan, is more than you could afford to pay, even over 5 or more years.
  • You are receiving frequent calls from collection agencies 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 have few assets.
  • You have little or no savings.
  • You have had property repossessed (such as a vehicle).

If you answered yes, to some of the questions above, filing for bankruptcy may help you with some or all of situations above.

You should always seek the opinion of a competent bankruptcy attorney before deciding whether to file for bankruptcy. 

There are a few good attorneys in Palm Coast and Flagler County, whose practice includes bankruptcy, debt relief, and foreclosure defense

I’ve filed hundreds of bankruptcy petitions in Florida from Miami to Jacksonville.  In my practice, I do not charge for an initial consultation, it is always free.   So naturally, my recommendation to you is to chose an attorney who doesn’t charge for initial consultation.  Schedule an appointment and interview them to see if you and the attorney are a good match.

Stay Positive Palm Coast and Flagler County -- I truly hope that better days are ahead for you and your family…

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