5 Signs That Filing For Bankruptcy May Be In Your Best Interest

Personal Injury Lawyer

When we hear the term “bankruptcy” many people believe this means you declare to the government that you have no money, and your debts are simply eradicated. As an attorney may tell you, this isn’t quite the case. In fact, just because you file for bankruptcy doesn’t mean all your debts disappear forever. Also, bankruptcy sometimes comes along with stigma, so people may be afraid to look into it further when they are struggling with finances.

Here are seven signs that it may be time to book an appointment at our firm, to see if filing for bankruptcy is in your best interest: 

#1 You Have Several Types of Debt

Bankruptcy can provide relief for people who are dealing with debts of various types, including credit cards, medical bills, college education, and more. It can be challenging, if impossible, to divide your earnings into multiple directions at once while still affording expenses for necessary living. 

#2 You Aren’t Able to Pay Minimum Monthly Payments

Having to make payments late isn’t the best case scenario, but if you aren’t able to keep up with monthly debt payments at all, then you are only digging yourself into a deeper hole. If your income isn’t keeping up with how many payments you need to fulfill each month, it’s time to revisit your financial situation. 

#3 You Aren’t Due for a Raise Anytime Soon

Those who are struggling with debts may find relief if they anticipate a raise, promotion, or job change into a field with more earning capacity. However, if you don’t see an increase in your near future and the debts keep building up, then you may want to talk with an attorney about whether filing for bankruptcy is right for you. 

#4 You Have Been Served a Lawsuit

Eventually, someone who is in a deep amount of debt may face a lawsuit from a creditor or other person about recouping what you owe. If you have recently been served a notice regarding a lawsuit, we suggest calling our office immediately about what to do next. We can evaluate your circumstances and figure out a plan for protecting you as much as possible. 

#5 You Cannot Pay Debts Within 5 Years

After some budget calculating, if you see that you aren’t able to pay off the debt you owe within five years, then it may be time to consult with an attorney about how bankruptcy can benefit you long-term. 

If you want help with submitting the paperwork for bankruptcy, or aren’t sure if it’s right for you, then we can provide support. We can understand the pressure you may feel on a daily basis knowing that you have an exorbitant amount of debt waiting to be paid off. Contact us today to book your consult with a bankruptcy lawyer in Melbourne, FL before your debts start stacking up even higher. 

 


 

Thanks to the Law Offices of Arcadier, Biggie & Wood for their insight into bankruptcy law and if it is the best option for you.