You’ve worked hard, saved your money, sent kids through college or started a business. Now you’re facing the same fate as the likes of Mike Tyson, Nicolas Cage and Marvin Gaye: a bank account full of zero’s. It’s tough when fears meet reality.

If only we could go back in time and put all of our money into Apple, Microsoft and bitcoin shares, this wouldn’t be an issue.

But enough with the speculation- it’s time to put your best foot forward. Declaring bankruptcy is not an issue to be taken lightly- in fact, it’s a matter of survival. So before you pull all of your beautiful hair out from the endless collection calls, seal your door with industrial strength wood glue to keep the IRS out or smash your phone with that 1970’s vintage baseball bat, it’s time you sit down and lay your options out on the table. Here are some tips we’ve compiled to ease your way through one of the most convoluted processes imaginable.

Bankruptcy isn’t for everyone-that’s the key to remember, but there are some valuable metrics that you should look to when determining what to do from here. If you’ve ever faced one or more of the following, contacting a lawyer should be weighing on your mind:

  • Wage Garnishments
  • Financial Lawsuits
  • Debts in unsecured loans
  • Collection agency issues
  • Home or Car Repossession
  • Frozen bank assets

If you are tired of these encumbering issues, bankruptcy may be a viable option for you. See if you qualify for chapter 7 bankruptcy by taking a “means test”- based on income and family size. If not, debt consolidation is your best option.

Once you’ve decided that declaring bankruptcy is the right choice for you, it’s time to find the right lawyer for the job. The laws have changed since 2005, making it much more difficult to qualify for bankruptcy protection- thus, any minute detail omitted could land you in serious trouble- like federal prison trouble. It’s best to talk it over with an experienced, accountable and hard-working bankruptcy law firm. The Pells Law Firm, LLC, have the staff with the proven track record for any case – whether it’s personal finances or a difficult small business decision. The time for action is now. The dark days are over – you can look forward to a brighter future.