When Does Bankruptcy Make Sense?

financial ruin

One of the most common question people have as they look into filing bankruptcy is, Does it make sense in my situation? Bankruptcy may make sense for you if:

1.You are unable to pay your debts: If you are unable to make payments on your debts and are facing collections, wage garnishments, or other legal actions, bankruptcy may be a viable option to provide relief from your debts.

2.Your debt is overwhelming: If you are struggling with a high level of debt and it’s affecting your ability to pay for necessities such as food, housing, and medical care, bankruptcy may be the best solution to get relief from your debt.

3.You are facing a financial crisis: If you are facing a financial crisis, such as a job loss, illness, or divorce, bankruptcy may be the best option to get relief from your debts and get a fresh start.

4. You are facing foreclosure: If you are facing foreclosure on your home, bankruptcy may be able to help you keep your home by providing relief from your debts and giving you time to catch up on your mortgage payments.

5. You have non-dischargeable debts: If you have debts that cannot be discharged in a bankruptcy, such as student loans, taxes, or child support, bankruptcy may still make sense for you if you are unable to pay these debts and are facing collection actions.

If you’re considering bankruptcy, it’s recommended to speak with an experianced bankruptcy attorney, Douglas Barrett, to determine if it’s the best option for your specific situation. Contact us to see what you best option might be.

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