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Are these financial signs pointing you toward bankruptcy?

| Apr 30, 2019 | Uncategorized |

It’s frustrating and scary to find your finances on shaky ground, but this is reality for millions of people. While bankruptcy is not always the best solution, it’s something you should at least consider.

Here are several signs that could point you toward a bankruptcy filing in Lafayette:

  • You’re hearing from debt collectors: From phone calls to letters in the mail, you continually hear from debt collectors wondering when you’re going to pay. Not only is this annoying, but it can bring a lot of stress to your life. Once you file a bankruptcy petition, the automatic stay prevents debt collectors from contacting you.
  • Wage garnishment: If a debt collector files a lawsuit against you, it could result in a wage garnishment. This means that some of the money you earn is taken directly from your paycheck to pay the creditor.
  • You can’t pay your bills: This is a common sign that bankruptcy may be the only answer to your financial problems. For example, if you have so much credit card debt that you can’t even make the minimum payment, bankruptcy may be the only way out.
  • You have received a notice of foreclosure: This is one of the biggest signs that you’re in financial trouble. Foreclosure comes about when you slip behind on your mortgage payments and don’t attempt to work with the lender to find a solution. Once you file for bankruptcy, the automatic stay will prevent the foreclosure process from proceeding. This may buy you enough time to figure things out, thus saving your home from repossession.

Just because you’re facing one or more of these signs doesn’t necessarily mean you should rush into filing for bankruptcy. Instead, review the finer details of your financial situation and make a list of things you can do to improve it.

If you come to learn that filing for bankruptcy is the best solution, learn more about both Chapter 7 and Chapter 13. From there, you can start the process and look forward to the day when you’re no longer thinking about your finances 24/7.

Visit our website and read our blog for more information on all types of bankruptcy, along with tips for protecting your legal rights.

Facing Overwhelming Debt?