Living from paycheck to paycheck isn’t easy, but it doesn’t necessarily mean you’re headed toward bankruptcy—it could just mean you are underemployed. However, if you are drowning in debt in addition to living from paycheck to paycheck, it pays to talk to a bankruptcy attorney. Turn to John D. Wieser, Esq., PC in Rochester, NY, to discuss your situation and determine the best way to proceed. In the meantime, read on for a few signs you could benefit from Chapter 7 or Chapter 13 bankruptcy.

Ask a Bankruptcy Attorney: 3 Signs You Should File

1. You Are Missing Payments

If you can’t afford to make minimum monthly payments to all of your creditors and have missed some as a result, things will continue to get worse until you bring in more income. If you have no way of making more money in the near future, you may qualify for Chapter 7 bankruptcy, which will afford you a clean slate.

2. You Have No Equity Left in Your Home

One strategy for paying off high-interest consumer debt is taking out a home equity loan, as they have far lower interest rates than credit cards. If you pay off your credit cards using such a loan only to rack up more shortly afterward, you will be in even worse shape than you were before. At this point, bankruptcy is likely the best option. Filing for bankruptcy may also help you prevent foreclosure, which becomes inevitable when you fail to make monthly mortgage payments.

3. Debt Collectors Are Harassing You

Creditors will reach out daily you once you start missing payments. If you’re tired of the phone calls and letters but have no way of catching up on debt, bankruptcy will end the harassment by enacting an automatic stay.

If you’re considering filing for bankruptcy in Rochester or Buffalo, NY, you can rely on John D. Wieser, Esq., PC for help. Check out the firm on Facebook to learn more, and call (585) 328-0660 to discuss your situation with a bankruptcy attorney today.