Signs that it’s time to consider personal bankruptcy

On Behalf of | Oct 16, 2023 | Bankruptcy

Since you’ve found your way to our blog, you’re probably wondering if it’s time to seek out bankruptcy protection. Merely asking that question is a big first step, but a lot of people are hesitant to move forward with the process. You shouldn’t be. A successful bankruptcy petition can help you rid yourself of debt and give you the fresh financial start that you want. And bankruptcy exemptions, which we’ve discussed previously on the blog, will ensure that you don’t have to start over from scratch once your bankruptcy is finalized.

But how do you know if it’s time to pursue bankruptcy?

Only you’ll know when you’ve had enough of your current circumstances and want to seek relief. However, there are several signs that bankruptcy is right for you and is your best immediate option. Here are some of them:

  • You’re struggling to get by and are living paycheck-to-paycheck.
  • More than 20% of your income is used to pay your credit card debt.
  • You carry balances from month-to-month on multiple credit cards.
  • You’re often asking family members and friends to loan you money.
  • You have multiple overdue bills that are leading to threats of foreclosure or repossession.
  • Your checks are bouncing.
  • Your attempts to secure additional lines of credit or loans are denied.
  • You hide financial information from your loved ones.
  • You’re thinking about pulling money from retirement accounts to help cover your debt.
  • You’ve been fighting to claw out of debt for years but have been unsuccessful.

Take charge of your financial future

You don’t have to needlessly fight to try to climb out of the hole you’ve found yourself in. Instead, you can secure a financial lifeline through the bankruptcy process. That’s why if you want dramatic relief from the burdens you’re facing, then now is the time to consider your bankruptcy options and choose the one that’s right for you.

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