US Financial Management, Inc.

USFM can not advise on filing for bankruptcy, as it is a very personal decision.  There are many circumstances involved in making a move towards bankruptcy. The American Bankruptcy Institute* has established a checklist with the following guidelines:

• Your wages have been garnished or your bank account has been attached

• Most of your debts are unsecured debts like credit card bills, hospital or doctor’s bills, etc.

• Your total debt, not including your car or house loan, is more than you could pay, even over five or more years

• Collection agencies are calling you at home and/or at work

• Your payments are more than 30 days behind on more than one bill

• There are lawsuits pending against you

• You have high medical bills not covered by insurance

• You owe income taxes that you are unable to currently pay

• You have few assets

•  You have little or no savings

• You have had property repossessed (such as a vehicle)

Please note that new laws passed in 2005 make it more difficult and complicated to file for bankruptcy and to be freed of past debts.  We recommend you seek the advice of competent bankruptcy counsel before deciding whether to file for bankruptcy.

*Source: American Bankruptcy Institute