Dothan, Alabama
111 Adris Place
Dothan, AL 36303
(334) 673-0100

How Do You Know When It’s Time to File for Bankruptcy? April 3, 2018

Dothan, Houston
How Do You Know When It’s Time to File for Bankruptcy?, Dothan, Alabama

When it comes to eliminating debt, there are a few steps worth taking before attempting to discharge it. For example, some may be able to take on a second job or apply for a promotion to increase their income, while others cut back on unnecessary expenditures. If you do everything you can but still find yourself struggling to make ends meet, at what point should you consider filing for bankruptcy?

What Are the Major Signs You Should Consider Declaring Bankruptcy?

Debt Collectors Are Harassing You

It often doesn’t take more than a single missed payment for debt collectors to start harassing a borrower. If you simply don’t have the funds to make regular payments, though, no amount of phone calls, letters, or emails will help. Fortunately, filing for bankruptcy enacts an automatic stay, which stops debt collectors from contacting you. It can also pause wage garnishing, as well as the legal proceedings for any suits that lenders have filed against you.   

The Debt Is Insurmountable

bankruptcyIf you have several thousand dollars in credit card debt, it may be stressful—but chances are, you can pay it off within a few years by buckling down and making smart financial decisions. If you sustained catastrophic injuries in a car accident, on the other hand, it is unlikely that you will ever pay off hundreds of thousands of dollars in medical bills. For those who accumulate more debt than they can reasonably pay off in this lifetime, declaring bankruptcy may be the answer.


If your financial health seems to get worse, not better, with every pay period, turn to The Gil Law Firm. Rafael Gil III is a strategic bankruptcy attorney who will evaluate your situation to help you determine the best way to restore your financial footing. Visit his firm online to learn more about the debt consolidation and bankruptcy services he provides clients throughout Dothan, AL, or call (334) 673-0100 to schedule an initial consultation today. 

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