When Should I File for Bankruptcy?

Are you struggling to make ends meet under the weight of crippling debt? Are you constantly being harassed by creditors? If so, bankruptcy may be the source of relief you need. While many people shy away from the term “bankruptcy” due to its negative stigma, bankruptcy is an honorable and completely legitimate method for individuals to achieve a fresh financial start. But how do you know when it is the right time to throw in the towel? To find out, you must first assess your situation.

Ask yourself the following questions:

1. Are you only able to make minimum payments on your debts?

2. Are creditors calling you at home or sending you collection letters?

3. Do you feel overwhelmed at the thought of sorting out your finances?

4. Have you been out of work for a long period of time and have exhausted your savings?

5. Has your situation forced you to pay for necessities on credit?

6. Are you unsure about how much money you actually owe?

7. Are your wages being garnished?

8. Do you have delinquent taxes?

9. Is your home approaching foreclosure?

10. Are you being sued over your unpaid debt?

If you answer “yes” to two or more of the above questions, bankruptcy may be the right course of action. At the very least, you may want to consider alternative debt solutions such as credit counseling, financial coaching, credit card consolidation, negotiating with creditors, and refinancing loans. It is important to keep in mind that everyone’s situation is different, so be sure to consult with an experienced legal professional. An attorney can evaluate your financial circumstances and help you determine the most appropriate course of action.

Take Back Your Financial Future – Call (312) 957-8077

Chicago Bankruptcy Attorney Joseph P. Doyle has helped thousands of individuals overcome their financial struggles and can get you on the road towards a debt-free future. To find out more about what our firm can do for you, schedule a free case evaluation today.

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