If you’ve found yourself in a financial crisis, overwhelmed by bills and getting constant calls from creditors, you may feel like you’re all alone in the world. The truth is that there are many people who are in the exact same position that you are. Nearly 1.5 million people file for bankruptcy in the United States each year, and though each has their own story of how they got into debt, bankruptcy offers hope for the future for each of them.  At Reinherz Law Offices, we are experienced bankruptcy lawyers who understand that you may be hesitant or unsure about whether bankruptcy is the right answer for you or not. We invite you to call us to set up an appointment and discuss your particular situation. We may be able to point you in the direction of other options, or we may suggest that filing under Chapter 7 or Chapter 13 will provide your best answer.

Many of the clients that we represent have said that they wish they had recognized the signs that they were getting in debt over their heads. Some of the early warning signs include:

• Skipping payments of bills for more than a month
• Maxing out credit cards
• Only making minimum payments on bills

If you have found yourself in this situation and are struggling to keep your head above water, you need to stop adding to your debt and realize that the smallest interruption to your income could have devastating effects. Indications that you may have already gone past the point where you can fix the problem on your own include:

• Having missed multiple mortgage payments on your home and facing foreclosure
• Having wages garnished in order to satisfy debts
• Being more than a month behind on monthly bills such as utilities
• Having medical bills that insurance won’t cover
• Having unsecured debt that is greater than your annual gross income
• Receiving constant phone calls and letters from collection agencies
• Having had your vehicle or other property repossessed

If this is the situation in which you have found yourself, then the bankruptcy lawyers at Reinherz Law Offices can help.

When you come to see us, we will review your financial situation and discuss all of the options that are available to you. For some people, Chapter 7 bankruptcy is the best answer. Also known as liquidation, it requires debtors to relinquish all of their non-exempt assets such as furniture, jewelry and the contents of their household, which will be sold to creditors to pay off their outstanding debt. In exchange, the remainder of the debt is discharged. The other type of bankruptcy that is popular is Chapter 13, which is good for those who have a regular source of income. Chapter 13 allows you to keep valuable assets and provides a repayment play that usually involves a restructuring of your debt.

Filing for bankruptcy is not without consequences. It will have an impact on your credit rating for up to ten years, and may work against you when it comes to purchasing certain services or looking to take out a loan. Still it is often the best option available when you are in crisis. Call us today and let us provide you with the legal counsel that you need.

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