Declaring bankruptcy is not an action taken lightly by the party needing to take such a measure. It’s typically the last resort when handling debt, and the process can be costly and time-consuming. Still, it can be particularly helpful when filed in the right manner and time. The benefits of filing for bankruptcy include saving money, keeping creditors at bay, building credit, getting back on your feet financially and peace of mind. When is the right time to file for bankruptcy?
First, Make an Assessment
In simple terms, if you owe more to creditors than you can afford to pay, you are in a state of bankruptcy. Take stock of your liquid assets in order to figure out your financial standing. Do an inventory of sorts, covering things like stocks, bonds, real estate, retirement funds, etc. Move on to determining your debt, including all bills and credit statements. If the value of your debt is more than the value of your assets, filing for bankruptcy might get you of that financial hole.
Filing for Bankruptcy in Massachusetts
1. Faced With Long-Term Cash Flow Problem
If you are having cash flow challenges because your business is under-performing, you may need to make some tough changes. A bad quarter may lead to instances of late or missed vendor payments. While all may not be lost just yet, getting your business’s cash flow back in order should be a priority. When you’ve identified the early warning signs of cash flow troubles, you may take corrective measures to try and get back on track. If internal changes are no longer a viable option to fix your cash flow problem, it is time to file for bankruptcy.
2. Creditor Harassment
Credit card debt is perhaps one of the most popular reasons people file for bankruptcy. Life happens, and finances can get ruined when changes take place, such as reduced income in a household. This could be the result of a job loss, the consequence of which could amount to increased expenses and late payments. Falling behind on credit card payments usually result in creditors calling, maybe threatening to garnish paychecks. To end the harassment and phone calls and tackle your credit card debt, filing for bankruptcy could be a solid option.
3. Facing Foreclosure
Sometimes homeowners are either faced with mortgage loans that exceed what they can afford or simply fall victims to life circumstances. Either way, financial troubles can cause a person to lose their home. One way to avoid that disaster is to file for bankruptcy to help them recover and hold on to their home.
If you are facing a financial crisis and need a bankruptcy lawyer, contact Mike Tokatlyan to help you ease your financial burden and get you back on track.
Every year, there are numerous auto/motorcycle accidents that leave victims with serious injuries. It is typical to experience feelings of anxiety and to be overwhelmed by the incident and its implications. You’ll need to make a full recovery, both physically and financially, and you may find that you can’t do it by yourself. You may be questioning whether or not you need the help of a personal injury attorney. The simple fact is that, after an auto/motorcycle accident, it’s smart to retain an attorney, no matter the situation, in order to protect yourself and secure compensation for damages. Here are some of the reasons you may need a personal injury attorney after an auto/motorcycle accident.
Medical Expenses Piling Up
If you suffer any form of injury as a result of the accident, you don’t want to treat that very lightly. It doesn’t matter if the injuries are minor, or you are suffering from a more serious condition, like a brain injury, an attorney is your best option to help you recover damages. A full medical examination is crucial immediately after an accident, not only to your health but to establish a medical record that would prove essential to your case.
In the instance that there are multiple parties involved in the auto/motorcycle accident, liability might not be immediately clear. It might be that multiple parties are liable for your injuries, and insurance companies can make life difficult for you. You need a skilled attorney on your side to fight for you and maneuver the obstacles that you could likely face, like counterclaims and cross-claims, and ultimately, help you to get fair compensation for your injuries.
Need to Recover Lost Wages
Following an auto/motorcycle accident, you can be left with a serious injury that affects your ability to work or cause you to be absent from altogether. The results in diminished earning capacity, robbing you of crucial wages. Lost wages impact different areas of your life, from being able to pay your household bills, to medical bills. Whether the accident led to the time taken for physical therapy, hospitalization or permanent disability, to be fairly compensated, you need an attorney who can prove that your injuries, which interfere with your ability to work, was a direct result of the accident and compromised your earning ability.
Attorney Mike Tokatlyan can ensure that your rights are protected after an auto/motorcycle accident and that you get fair compensation for damages sustained.