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Bankruptcy FAQ

When to consider filing for bankruptcy

On Behalf of | Nov 13, 2017 | Personal Bankruptcy

If you are like a multitude of other Americans, the day may come when you find yourself facing overwhelming debt and begin asking yourself whether filing for bankruptcy could provide you with some sense of relief. You may, too, like many others, feel hesitation in taking the next step, whether because you feel there is a stigma attached to filing, or for another reason entirely.

Bankruptcy protection exists for a reason, however, and if you have not been able to get a handle on your finances through other methods, filing for bankruptcy may prove a smart move. In particular, you may find it beneficial to file for bankruptcy if you find you:

Simply cannot dig your way out of debt otherwise

Among the many unfortunate things about paying interest on purchases is the fact that doing so can make it extremely difficult to dig yourself out of a financial hole. Odds are, you are utilizing credit in the first place because you do not have enough cash on hand to make purchases you need, but having to pay interest in addition to the purchase prices is how many Americans find themselves drowning in debt.

Are in danger of losing your home

Buying a home in this country has become increasingly difficult in many areas, and many people who are able to do so soon find themselves struggling to stay afloat with their mortgage payments. Filing for bankruptcy may allow you to pursue options that may let you hang on to your home. You may, for example, be able to negotiate a loan modification, free up money currently tied to other debts or eliminate home equity loans or second mortgages in filing, among other possibilities.

These are just two of several signs that it may be worth giving serious consideration to filing for bankruptcy. It just may give you the fresh start you need to secure a stronger financial future.

Disclaimer – Attorney Advertising. Under Federal Law, we have been designated aDebt Relief Agency and we help people file for bankruptcy relief under the Bankruptcy Code. This information is not intended as legal advice and no attorney-client relationship is created. Results may vary. Results not guaranteed.