Many people are experiencing desperate financial times. If you are one of these people, be assured that you are not alone. The state of the economy in years past has led to a situation in which people are struggling with everything from credit card debt, to mortgage payments, to being behind on other bills like utilities and car loans. For many, it is a struggle to make ends meet, and yet those people try the best they can to meet their financial obligations each month.
Making the Decision
Facing overwhelming debt is not an easy situation in which to be. Many times, such circumstances bring stress, doubt about the future, and a feeling of hopelessness to the debt holder. The good news is that many who suffer with debt likely have the option of obtaining relief in bankruptcy. Often, the largest hurdle one has to overcome in their struggle with debt is to decide to pursue bankruptcy as an option. Once they do so, they will usually find a sense of relief and a release of all of the negative emotions brought about by their financial struggle.
Signs Bankruptcy Is Right for You
Making the decision to pursue bankruptcy is often not an easy one. Perhaps people have a negative association with the process or do not believe their particular problems can be addressed through a bankruptcy petition. Other times, people may simply not know if they need to file for bankruptcy. Some common signs that indicate a need for bankruptcy include:
- The debtor has used up all of his or her savings and/or retirement savings to pay their bills
- The debtor is using credit cards as the only way to pay his or her monthly bills, which ultimately increases their debt each month
- The debtor is accepting monetary or other donations from family members
- The debtor is in foreclosure, or is behind on rent or mortgage payments
- The debtor receives regular communications from debt collectors
- The debtor can only afford the minimum payments on credit card accounts and other debts
- The debtor is facing having his or her car repossessed
- The debtor’s wages are being garnished
- The debtor regularly takes advantage of cash advance offers
- The debtor is unaware of his or her total amount of debt and avoids discovering the extent to which they are in debt
If you or someone you know is struggling with debt, it is advisable to speak with an experienced bankruptcy attorney who can advise you of your rights and the benefits associated with declaring bankruptcy as soon as possible. Prompt action gives you the best chances of getting out of debt without totally depleting savings or retirement accounts, putting you in the best financial position moving forward. Contact bankruptcy lawyers in Memphis, Tennessee today for a consultation.
Thanks to Darrell Castle & Associates for their insight into bankruptcy law and how to know if bankruptcy is right for you.