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When should you consider bankruptcy?

On Behalf of | Jan 25, 2022 | Bankruptcy

Bankruptcy is not something that anyone should rush into. There is a lot to consider before pursuing bankruptcy as a method of overcoming your financial hardships. Hundreds of thousands of people file for bankruptcy every year, and bankruptcy may be a viable option for you as well. So, what are some signs that you should consider pursuing bankruptcy?

You dread going to the mailbox

When the only thing you can expect from your mail is another overdue bill or collection letter, you may just wish never to get mail at all. If you find yourself avoiding the mail or only getting these kinds of letters, it may be a good sign to seek out a bankruptcy attorney.

Creditors are harassing you

If you have creditors calling you throughout all business hours in a day, you should know that bankruptcy can put a stop to their harassment. Successfully filing for bankruptcy means that creditors can no longer harass you for any of your past debt with them.

Your expenses exceed your income

If you are spending more on bills, credit card payments, and mortgage and car loan payments than you are earning each month, you need to take action fast to fix things. While bankruptcy cannot get rid of secured debt like mortgages and car loans, it can help you with unsecured debts like credit card debt, medical bills, and unpaid utility bills.

Do not ignore the signs

If you suspect that your financial difficulties are out of your control, filing for bankruptcy may be the right choice for you. To learn more about filing for bankruptcy and how it can impact your debt, consult with a skilled bankruptcy attorney. The sooner you reach out to a lawyer, the sooner you can benefit from bankruptcy.

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