Bankruptcy – We Wrote the Book on It By Ronald C. Sykstus and the Bond and Botes Team of Lawyers
Excerpt from Chapter 11 – “Should I File for Bankruptcy? If So, What Type Should I File and How Can It Help Me?”:
Are you only able to make minimum monthly payments on your
credit card bills?
If the answer is yes, then you may be on a treadmill that will be
difficult to get off. Minimum payments often cover only the interest
that has accrued in the last month and a little bit more. It could take
many years for you to pay off what you owe.
Do you have property or belongings that might be lost if you file
The amount of property that you are able to retain, or claim as
exempt, in bankruptcy varies from state to state and should be discussed
with a bankruptcy attorney in your area. If, however, you own very
little or owe more on what you do own than what it is worth, then it
is likely that you would not lose anything if you filed. Even if you do
own property that has significant value, there are types of bankruptcy
that may allow you to keep what you own.