Should I File Bankruptcy?

If you have overwhelming debt that you feel you cannot reconcile, are recently laid off, have a lot of medical bill, or are otherwise in financial trouble, bankruptcy may be for you. It can help you pay back some of your creditors and eliminate your debt. You can create a fresh start. However, bankruptcy is a very large step to take, and it helps to get another perspective. Patrick Kavanagh will give you a fair assessment of your situation and whether or not bankruptcy is right for you.

What If I Don’t Need to File Bankruptcy?

The Law Offices of Patrick Kavanagh will NOT force you into filing bankruptcy if it is not right for you.

We value what is the most important for you, not filing as many bankruptcies as we can. We will represent your interests honestly and fairly, and will never push you into doing something that is not right for you.

When Is the Best Time to File Bankruptcy?

You may need to file bankruptcy right away if you have a specific problem that needs to be fixed right away by bankruptcy, like eviction, foreclosure, or wage garnishment.

However, it might make sense to wait to file bankruptcy if …

  •  Your recent income is too high. When you file for bankruptcy, the court only looks at your last 6 months of income. If you have just lost your job, it might make sense to wait a few months, so your loss of income is recorded.
  •  You know you will get a lot of new debt soon. If you are about to have a baby, surgery, medical bills, etc, and will soon be in much more debt than you are now, it makes sense to wait a little while until you incur that debt, so you can get the new debt wiped out also.
  •  You might be able to modify your mortgage for smaller payments. If you file bankruptcy and then try to modify your mortgage, the bank is much less likely to negotiate with you.
  •  You recently transferred property. If in the last two years, you gave away property, or sold it for a low price, the trustee might assume you were trying to hide it.
  •  You recently made large purchases. If you made a large purchase right before you filed for bankruptcy, the trustee might assume you never planned to pay the credit card company back, and you would still owe the money.