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As valuable as bankruptcy protection can be, many qualified borrowers continue to struggle long after they’ve exhausted their other options. In some cases, you may not be sure whether you’re eligible for bankruptcy, or if your financial situation is dire enough to warrant seeking debt relief. To avoid unnecessary stress and further damage to your credit report, consider talking to a bankruptcy attorney if you’re experiencing any of the following signs.

3 Sign You Should File for Bankruptcy

1. You Have Debts You Can’t Pay

If you’re unable to make your minimum payments or a medical emergency has left you with massive bills you can’t pay, bankruptcy may be the only way out of debt. Having several accounts sent to collections is another sign that bankruptcy may be right for you.

2. You’re Facing Foreclosure

bankruptcy attorneyWhile a chapter 7 bankruptcy won’t protect your home from foreclosure, a chapter 13 may allow you to make up past due amounts and keep your home. To qualify, you’ll have to show that you have the financial resources to stay current on your accounts while making your monthly bankruptcy payments.

3. Your Balances Aren’t Going Down

Certain debts, like high-interest credit cards and personal loans, may be almost impossible to pay off if you can only afford the minimum payment. Your balance might grow over time, even if you make your payment every month. In these instances, talking to a skilled bankruptcy attorney may be the only way back to solvency.


 

If you’re burdened by debts you can’t pay, the bankruptcy attorneys at the Swartz Law Office will stop harassing phone calls and help you get the second chance you deserve. Their legal team has nearly 20 years of experience and a reputation throughout Batavia, OH, as the place where legal problems are solved. Visit their website to learn more about their broad range of debt relief services, and call (513) 732-0900 now for a free, no-obligation consultation with an experienced attorney.

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