People don’t think about bankruptcy until they’re in pretty significant financial trouble, so if you’re at the point where you’re starting to wonder about it or investigate the process, that’s a pretty good sign that it may already be time for you to file. Still, even people who are in dire straits tend to push bankruptcy off until the last minute. They view it as a last resort, and some kind of admission of failure, when, in fact, bankruptcy is a remedy that gives you a fresh start and puts you on the road to a much better life. Most people who end up filing for bankruptcy report that one year after their filing, their lives have improved significantly. Still, if you’re not sure and worried about the negative ramifications of a bankruptcy filing, here is a short checklist of signs that it is time to consider bankruptcy:

  • You’re so far behind on payments that you may lose the things that you value most. Your car, your home, or other items that you have secured loans on can be taken away if you stop paying. Filing for bankruptcy under Chapter 13 gives you a chance to reorganize your debt and hold on to your assets.
  • You just can’t seem to make ends meet. No matter what started your money trouble, there’s no end in sight. You can’t pay your bills and you’re having a hard time affording the basics that you need to live.
  • The people you owe have already taken action to garnish your wages. Once that happens it means that you have even less cash available to you. There’s just one way to stop wage garnishment, and that’s to file for bankruptcy.
  • You can’t pay your bills. If the cash you have is only enough to pay for your day-to-day survival expenses and you can’t even pay the required minimum on your bills, then you’re going to have a hard time getting out of this situation without filing for bankruptcy. Bankruptcy will discharge those debts and let you start over.
  • You’re borrowing money to pay your bills. If you’re trying to take out loans to pay your bills, you’re just setting yourself up for further failure. Your old loans and your new ones are going to charge you high interest rates that will drive you deeper into debt and make it harder to climb out.
  • Debt collectors pursuing you at work and at home can make your life a nightmare. Filing for bankruptcy can put an immediate end to those upsetting calls.

If you feel like every day is worse than the one before because of your financial situation and you have nowhere to turn, it’s probably well past the time to file for bankruptcy. For information on how we can help, contact us today.

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