Even if you are going through a difficult financial period, you may be hesitant to file for bankruptcy. There are many stigmas associated with this program, but it may be one of the most effective and brave decisions that you can make for your future. Before you approach an attorney, consider these three reasons why you may want to file.

Why Should You File for Bankruptcy?

1. You Have Dependent Relatives

It’s stressful enough to worry about your financial situation when you’re on your own. But if you have children, an elderly relative, or anyone else who is dependent on you for support, then you may feel the burden even more. By filing for bankruptcy through an attorney, you can relieve yourself of the debts currently holding you back from providing your family with what they need. Clearing away the bills hanging over your head allows you to start anew, which is crucial if you have difficulty paying for essentials like medication, diapers, and food.

2. You Can’t Make Payments

You may feel confident when you first start paying off your debts, but over time the amount you owe may remain unexpectedly high. Unfortunately, high interest rates can make it very difficult to reasonably pay off what you owe even with on-time payments and the best of intentions. If you’ve ever thought of dipping into your retirement fund or you’ve taken out a loan to pay off those credit cards, it’s worth discussing your options with a bankruptcy attorney.

3. Your Creditors Are Calling

Once you realize that the letters won’t stop coming to the mailbox and the phone won’t stop ringing, you may try ignoring them altogether. But creditors are anxious to receive your late payment, which is why they continue to attempt to get in touch. If this has become a daily occurrence, it may be time to call a lawyer. Filing for bankruptcy can put a stop to the creditors and help you get back on solid financial ground.

Once you make the decision to file for bankruptcy, you can breathe a sigh of relief. You’re doing something proactive to handle the financial stress you’ve been under. The lawyers at Bristol Law Office in Roswell, NM, are prepared to help you every step of the way. Visit the bankruptcy attorneys online for details about what you need to provide in order to file. Call (575) 625-5284 to schedule a consultation.