Financial troubles can happen to anyone at any time. Even the most financially conscientious individuals can be struck by an unexpected circumstance like an illness or job loss. If you are struggling with debt and are unable to keep up with your bills, you may be wondering if bankruptcy is the answer.
Here are a few signs that you should begin considering bankruptcy:
Your balances won’t go down.
Are you making payments on your debts, but the amount you owe never gets any smaller? If you are only ever making payments on interest and are not able to touch the principal amount of your debt, it may be time to consider filing for bankruptcy.
You are using retirement funds to pay your debts.
Raiding your retirement funds is essentially stealing from yourself during a time when you will be relying on your savings to get by. Whether you are considering or have already taken an early withdrawal, this is a sign that bankruptcy may be the solution you require.
Others are suffering because of your debt.
Caring for dependents like children, a disabled family member, or an elderly parent can be financially draining. If you find yourself unable to both care for your family and manage your debts, your family’s well being should come first. Filing for bankruptcy can help relieve you of your debts and allow you the fresh financial start you need to continue ensuring the health of your family.
Your mortgage is under water.
Bankruptcy can provide much-needed relief if you are upside down on your home.
If after reading this you have more questions or feel like you need help, please don’t hesitate to contact us. We offer a free, no-obligation consultation where we can answer any questions you may have. We’re here to help!
