Living with the pressure of unmanageable debts can negatively impact almost every facet of your life, including everything from your job satisfaction to your health. Knowing when to seek the legal protection bankruptcy provides will not only save resources you might have wasted trying to keep your head above water, but it will also reduce stress and allow you to start your financial life over again. While bankruptcy should always be considered as a last resort, below are a few signs it might be time to file a petition.

3 Signs You Should Consider Bankruptcy

1. Your Balances Don’t Budge

If you can only afford the minimum payments on your consumer debt, interest and late payment fees can cause your balance to grow faster than you can pay it down. In some cases, you might struggle all year to make payments, only to find you actually owe more than you did twelve months ago. Bankruptcy allows you to completely discharge most unsecured debts, wiping the financial slate clean.

2. You’re Facing Repossession

Filing either a chapter 7 or chapter 13 bankruptcy petition triggers an automatic stay, putting an immediate stop to all collection activities. In addition to preventing lenders from repossessing your vehicle or other property, this provision also forces creditors to stop calling you.

3. You Can’t Afford Basic Expenses

After a job loss or medical emergency, many people have a hard time paying for basic necessities, let alone keeping up with their credit card debts. If you’ve suffered a serious loss of income, bankruptcy offers a path for reducing some of the financial stress that makes difficult situations even worse.

If you’re falling further behind, the bankruptcy attorneys at James T. Kratovil Law Offices, PLLC will help you get the financial relief you desperately need. This law firm has been serving borrowers throughout Charles Town, WV, and Maryland for over 30 years, offering highly effective legal counsel in a variety of difficult situations. Call (304) 728-7718 now to schedule a consultation.