Bankruptcy is never anything to consider lightly. Most people are apt to seek just about any other way of getting out of financial trouble before they even consider this option. While that seems admirable at first glance, the fact is that not seeing a bankruptcy lawyer in Baltimore when the time is right can lead to a lot of unnecessary stress and difficulty. Here are some signs that the time has come to pick up the phone and make that first call.
Trouble Making Minimum Payments
Most of the outstanding debt is associated with unsecured accounts. Until lately, it was possible to at least make the minimum payments due each month, plus a little more. Now, even doing that is becoming hard to manage. With the balances barely decreasing and the pressure mounting, it pays to talk with a bankruptcy lawyer in Baltimore and see if filing for bankruptcy protection would be the best way to obtain a fresh start.
Creditors are Calling
The age of making minimum payments is now past and creditors are getting insistent about their money. Some have even mentioned the idea of taking legal action. If things have gotten to this point, there is no doubt that now is the time to talk with a lawyer. Filing for protection will halt any legal action while the court reviews the terms of the petition.
Tax Problems
For various reasons, the debtor has not paid state or federal taxes in some time. The returns are filed and the letters demanding payment are coming regularly. The last batch brought up the issue of liens and attaching bank accounts. It helps to know that bankruptcy can sometimes discharge tax debts. Even if the taxes cannot be discharged completely, the lawyer may recommend filing for a Chapter 13 as a way of creating a means of repaying those taxes and other debts without having to lose any property.
Do not let pride get in the way of common sense. If the situation is dire and there is no other way to manage the debt, bankruptcy is the only viable alternative. Call a lawyer today and get advice. Doing so will be the first step in putting the past where it belongs and being able to look toward a better future.
