Bankruptcy is a way to escape your debt and feel like you can breathe again. It isn't a way to wipe your debts clean so you can start a new life of poor spending but a way to wipe your debt and give you a clean slate. If you are filing for bankruptcy, it means you don't have any other way, and it shouldn't be taken lightly. If you aren't sure if bankruptcy is right for you, read on for helpful information to use as a guide.
Do You Have Extra Money?
Extra money means you have money to pay your bills and money leftover to survive afterwards. If you don't have this extra money or money to survive on, it can make it difficult to live. Eventually you need to eat, and you should have money set aside for some entertainment. If you don't have any of this and you barely have money to pay your bills, bankruptcy is most likely the answer for you. Extra money means you do have money to pay your bills, you have money to live, and you have a little extra on top of that - you can control your spending enough and don't need to file for bankruptcy.
Are You Borrowing Money?
If you're borrowing money constantly from family, friends, or those cash in advance places, then you have a problem. Not only do you have bills to pay, but now you have other people that you owe money to. If you're borrowing for the wrong reasons, stop now, but if you are borrowing in order to pay your bills, this is a problem. Stop borrowing now and file for bankruptcy to get yourself out of debt.
Are Your Creditors Coming After You?
If your creditors are beginning to file lawsuits against you to get their money back, or your wages are being garnished by your creditors, it's time to file for bankruptcy. Your debts may not be wiped away completely, but the repayment may be more affordable than the payment that the creditors were awarded in the garnishment. The repayment plan in a Chapter 13 bankruptcy will be more affordable for you and will help enable you to be able to live as well.
If you are drowning in debt without any extra money to be able to afford food or anything else, and you don't see any means ahead to help you get out of your debt, bankruptcy may be your best option. Contact a bankruptcy lawyer today for a consultation.
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