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When to File for Bankruptcy

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When to File for Bankruptcy in Fresno, CA

Breaking Down Your Monthly Living Expenses

A more basic question to start with is: When should I see a qualified bankruptcy attorney? Essentially, take your total debt and break it down into two columns. Label column number one, "Installment Payments." Label column number two, "Monthly Living Expenses." Installment payments would include your house payment, personal loan payments, vehicle payments, minimum credit card payments, etc. Monthly living expenses could be the monthly newspaper subscription, prescription medications, food, clothing, vehicle maintenance, gasoline, cell phone bill, etc.

Monthly living expenses may vary from month to month. Therefore, you need to be honest and provide an average monthly cost. Now add up the totals from each column. Next, you would need to figure your average earnings from all jobs or other sources of income, you and/or your spouse have. Remember to use the net income (what you actually bring home, after taxes and deductions). Do not include what you might make in the future or a bonus that may or may be there next year.

Be Honest with Your Financial Assessment

  • Are the expenses more than your earnings?
  • Do you anticipate your wages going down in the near future?
  • Do you anticipate an increase in your monthly installment payments or living expenses?

In order to make this work, your assessment has to be honest. Our natural tendency as human beings is to believe if we ignore a problem it will go away somehow. Unfortunately, this strategy simply does not work and ultimately makes a bad situation much worse. Bring all of this information with you for a case evaluation at the Arnold Law Group. During your evaluation, we go through your compiled information.

Based upon your unique set of circumstances, we may suggest filing an emergency bankruptcy petition with the Court or we may suggest waiting a couple of months to file. Obviously, our job is to look after your best legal interest. Depending upon your unique set of circumstances, our qualified bankruptcy lawyers in Fresno, CA may even suggest other alternatives aside from filing bankruptcy.