The prospect of filing for bankruptcy may be troubling, but for many individuals it may be the smartest financial decision they can make. Declaring yourself insolvent and unable to pay your bills is a courageous step if you recognize that you cannot pay your outstanding debts and need to find a way out of the situation. Here are a few signs that you may need to consider hiring a bankruptcy attorney to help you file.

Do You Need to File for Bankruptcy?

1. Debt Collectors Keep Calling

Companies will only try so many times to collect a debt from you before they turn your account over to a collection agency. At that point, it’s imperative to address the problem so that you can avoid a legal battle that would add associated court costs on top of your original debt. When you file for bankruptcy, you’re issued an immediate stay against all creditors. When your case is discharged, you no longer have to worry about dealing with debt collectors or possible lawsuits.

2. Bills Cannot Be Paid

There are many reasons why you may suddenly find that you can’t pay your bills, such as illness, unexpected job loss, or divorce. While a late payment or two doesn’t spell disaster, they can accumulate and cause significant stress and trouble. If you find that you can’t make those payments and charge all of your expenses and utilities to your credit cards—without the means to pay them off at all—then it’s time to consider speaking with a bankruptcy lawyer. Depending on your income, you may be eligible to file for Chapter 7, which offers protections if you don’t make enough to pay debts.

3. Wages Are Being Garnished

Wage garnishments can affect your life considerably. When a creditor files a court order to receive the money they’re owed from you through garnishments, your employer will hold a specific amount of each check until the debt is completely paid off. Depending on how much you owe, this could significantly impact your ability to pay for basic necessities and support your family. Instead of dealing with this hardship, you have the option of hiring a bankruptcy attorney. Similar to debt collections, you’re issued a stay against garnishments.

Are you worried about your financial situation? You don’t have to handle this on your own. Turn to Gilbert P. Kaback Attorney at Law. Based in Colchester, CT, the bankruptcy attorney offers more than 22 years of experience. If you need assistance coping with the complexities of your finances, you need an attorney that you can trust. Visit the website to find out more about the firm’s extensive service areas or call (860) 537-0874 to schedule a consultation.