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New York, NY 10011
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3 Signs It May Be Time to File for Bankruptcy February 14, 2018

Chelsea, Manhattan
3 Signs It May Be Time to File for Bankruptcy, Manhattan, New York

Living under the weight of unmanageable debt is extremely stressful, especially with bill collectors and creditors constantly harassing you. Fortunately, filing for bankruptcy provides a way out, but how do you know when it’s time to seek protection? Below are a few signs you should stop fighting and take advantage of the benefits bankruptcy has to offer.

3 Signs You Should File for Bankruptcy

1. You’re Falling Farther Behind

Do you continuously make the minimum payments on your credit cards and consumer debt, only to see your balances rise every month? Are you having trouble making the minimum payments at all? A Chapter 7 bankruptcy allows you to discharge most unsecured debt, wiping the slate clean and giving you a chance to rebuild your finances. If you keep falling behind on your mortgage or car loan, consider filing for Chapter 13, which allows you to catch up on past due balances through a court-managed repayment plan.

2. Creditors Keep Calling

filing for bankruptcyBoth Chapter 7 and Chapter 13 bankruptcies include an automatic stay, which immediately puts a stop to all collection activities. This includes everything from phone calls and letters to repossessions and even foreclosure. If you’re constantly avoiding creditors you have no way to pay back, filing for bankruptcy can provide you with valuable peace of mind.

3. You’re Spending Your Retirement Savings

401(k)s and other investment vehicles are meant to get you through retirement. Tapping into them to pay down debt can leave you without enough to live on later, so filing for bankruptcy protection can be considered an investment in your future.


The legal document preparation specialists at We The People of NY have been helping residents navigate the legal system for over 25 years. If you’re thinking of filing for bankruptcy, their team will fill out all the forms and type up the documents according to the court’s standards and even offer tips on submitting them. Visit their website or follow their Twitter to learn more about how they can help, call (212) 633-2200 if you have any questions, or just drop by their location on 14th St. today.

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