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Bankruptcy FAQ

Is it time to file for bankruptcy?

On Behalf of | Apr 22, 2021 | Chapter 13, Chapter 7

There is no telling what kind of hard challenges life will throw our way. Sudden medical hardships and unexpected disasters can even cause people with strong financial skills to suddenly become penniless. Bankruptcy attorneys know how to help people overcome their financial troubles, but they can only help those who come to them.

It can be hard to come to terms about whether or not you need to file for bankruptcy, as not everyone recognizes when they need help. Job loss is one of the leading causes of bankruptcy, but what are the individual signs that you might need to seek a bankruptcy lawyer?

Your credit card debt is getting away from you

Occasional big charges on a credit card are okay, especially if you have a steady stream of income to draw from and can make regular payments on the card. However, if you find yourself regularly spending more than you are paying off on your credit card, the combined debt and interest can quickly become overwhelming.

Taking personal loans

A personal loan to renovate your home, purchase a car, or start a business are all excellent uses of a loan, as long as you have a plan for paying it off. These loans can become a problem if you are using them to pay off debt. Incurring debt to eliminate other debt is not a solution to your problems.

Debt collectors are calling you

If your debt has reached a point where people call to collect payments on them, it can be a pretty telling sign that things are serious. Creditors (and their debt collectors) can be a major nuisance, but bankruptcy can actually keep them from calling you.

The stress is becoming unbearable

Worrying about how you will make ends meet while also trying to stay on top of all of your regular debt payments can feel overwhelming. Bankruptcy can offer you the lifeline you need to overcome your financial hardship and take control of your debt.

Don’t let finances consume your life

Financial hardship can be a serious problem that people struggle to deal with, but it does not have to be a lifelong sentence. Consult with a bankruptcy attorney to discuss how Chapter 7 and Chapter 13 bankruptcy may be able to help you overcome your financial difficulties and begin a new chapter in your life.