Many families struggle to stick to their monthly budgets, but for some, it can become tough to pay for electricity bills or even put food on the table. If you’re struggling to keep up with payments, it might be time to file for bankruptcy. Here are a few signs you should move forward with this legal process. 

3 Signs You Should File for Bankruptcy

1. You’re Dipping Into Your Retirement Fund

If you’re in severe debt, you might have used up your savings and maxed out your credit cards to get by. However, if you have to dip into your retirement fund, it’s definitely time to file for bankruptcy. After all, you’ll be relying entirely on those savings during your retirement, and you won’t be able to retire if you’ve used it all now. Instead, choose bankruptcy so you can enjoy your senior years.

2. Your Balances Stay the Same

When you have credit card debt to pay off, you’ll only be asked to cover a minimum payment each month. Unfortunately, even if you manage to come up with this relatively small amount, it may not be much more than the monthly interest piled on top of your debt. As a result, your balance will decrease minimally, and you’ll be stuck in a frustrating cycle. Moreover, your credit score may drop. If you can’t find a way to raise your income, you should file for bankruptcy.

3. You’re Being Pursued by Creditors

If you owe payments on loans, credit cards, or utilities, the lenders may start to contact you on a regular basis. If one mode of communication doesn’t render results, they will try others, until you’re hit with a daily barrage of emails, calls, and letters. At a certain point, you may be too stressed out to open your mail or inbox at all. When you file for bankruptcy, you can put an end to creditor harassment and restore the peace in your life.

If you believe it’s time to file for bankruptcy, let William C. Rieth be your guide. This Rochester, NY-based attorney is dedicated to bankruptcy law, and he has 25 years of experience helping clients throughout Monroe County obtain debt relief. If you’re tired of running on the hamster wheel of minimum payments and outrageous interest rates, call him at (585) 232-6520 to arrange a free consultation. Visit the website to learn more about his work.