The decision to file for bankruptcy is far from easy. However, in certain circumstances, it may be the best choice for you financially. If you find yourself in one or more of these financial situations, it may be time to consider filing for bankruptcy:
You’re Constantly Late Paying Bills
The occasional missed or late payment is obviously not a huge deal. It becomes a problem when you find yourself making late payments on most or all of your bills. The result to constant late payments is a decrease in your credit score as well as additional fees you add to your existing debt.
You Can’t Pay Your Bills
There are certain unexpected events in life that you might not be prepared for, such as a medical emergency or the loss of a job. You may find yourself digging deeper into debt by relying on credit card after credit card. Not only will that increase your debt but even if you manage to not rely on those cards for basic living expenses, the minimum payment alone on your credit cards may be too much to handle.
You Can’t Make Minimum Payments
If you can’t keep up with your minimum payments and you’re struggling to find the money to make these payments, you may want to seriously consider filing for bankruptcy. Especially if your minimum payments outweigh your income.
You Are In Danger of Losing Your Home
If you are in a position where you are struggling to keep up with or don’t have the finances to make your house payments, you are in serious danger of losing your home. Filing for bankruptcy will allow you to catch up on your payments and keep your home.
Whether or not to file for bankruptcy is a life-changing decision that should never be taken lightly. Our attorneys at James M. Setters & Associates are experienced in helping our clients make the right decision for them regarding bankruptcy. Contact us today to schedule a consultation.