What are clear signs that you need to file for bankruptcy? This question can be answered by in a few basic ways. There are three basic signs that strongly indicate that bankruptcy is something that you may want to consider.
Are your finances currently impossible? If you believe that you will be in the same place still in 2 to 3 years, you should consider bankruptcy. You should be able to substantially pay down or settle your debts within a reasonable time period such as 2 to 3 years. If this is impossible, you should probably get theChapter 7 debt release to start over. Do not get into a situation where you were just “spinning your wheels.” If a 2-3 year plan to reduce your debt is not possible, all signs point to you needing to file bankruptcy.
Another sign that bankruptcy is right for you is when collection activity is destroying your ability to pay bills. If your wages start getting garnished, it may quickly become impossible to pay your monthly bills. A garnishment can easily “throw a wrench” into your finances that causes everything to shut down. A bank account freeze can have an even worse effect. Large amounts of money can become instantly frozen in your account. If a
When your credit future is on hold indefinitely due to defaulted accounts, you may need to file bankruptcy. Having bad credit can make life very difficult. It is also another clear sign that bankruptcy may be good for you. Do not put future dreams such as buying a house or other items on hold indefinitely. Protect yourself and provide for your future by exploring bankruptcy options.