Bankruptcy is a legal procedure that allows people who have overextended themselves concerning credit to seek debt relief. In return, they must liquidate non-essential assets or, occasionally, agree to a restructuring of their debts. It offers advantages to both lenders and borrowers and ensures the fairest possible outcome for both parties. If you are having financial difficulty, below are a few signs bankruptcy is a positive solution.

4 Indications You Should Consider Bankruptcy

1. Foreclosure Notices

If your home is in foreclosure or about to be foreclosed, bankruptcy will halt the process and give you time to breathe and work out a solution. Note that both foreclosure and bankruptcy damage your credit, but the first leaves you with remaining mortgage debt while the latter discharges the liability and lets you start from a clean slate.

2. Harassing Phone Calls

Do you receive frequent letters or telephone calls from creditors demanding payments you cannot afford? Constant demands of this type are painful and damaging to your psyche. You can put an end to them by consulting a bankruptcy attorney, who will file the necessary documents to get you relief.

3. Threats of Repossession

If you have failed to stay current on installment loans for your car, business, or other purchases, your lender may threaten to repossess your assets. If a form of collateral secured the loan, repossession is both legal and likely. A debt relief lawyer will put an end to these demands and help you reorganize payments.

4. Sleepless Nights

If you find yourself unable to sleep soundly at night, kept awake by worries about your debts and financial future, bankruptcy might be the right choice. Voluntarily liquidating assets isn't the most comfortable process, but it provides time and removes the looming feelings of uncertainty keeping you awake.

For additional guidance on filing for bankruptcy, contact Cecil & Cecil PA in High Point, NC. They have served clients throughout the Piedmont Triad area since 1993 and have built a reputation for fierce and devoted advocacy. They also specialize in elder law, wills, estates, trusts, and residential and commercial real estate transactions. Visit their website to learn more about their services, or call (336) 883-8383 to arrange a consultation.