The idea of filing for bankruptcy is frightening to many people. Bankruptcy, however, actually has some distinct advantages that can help the right person out when they need it the most. So how, then, do you know when it's time to file for bankruptcy? The Gil Law Firm in Dothan has been a leading bankruptcy, Social Security Disability, and personal injury lawyer for more than 15 years; Attorney Rafael Gil III and his team serve clients throughout Alabama, Florida, and Georgia.
Here, they identify three signs it may be the right time to file for bankruptcy:
- Mounting Debts: The most common sign that filing may be in order is the presence of ever-mounting debts that you are unable to make a dent in. If your bills are skyrocketing each month; if you are able to only pay the minimum amount due in order to keep up with your credit cards; if you are using credit cards to regularly pay for necessities; if your bills far exceed what you bring in every month…these are telltale signs that your debt might be out of control and bankruptcy a viable option.
- Calls From Debt Collectors: Are debt collectors calling more often than family and friends? If so, your debts have likely become unmanageable. And remember, once you file for bankruptcy with The Gil Law Firm, you are protected by the law; the debt collectors must stop calling you.
- You've Lost Track of How Much You Owe: When debt spirals out of control, we can forget how much, exactly, we owe. If you are so buried under your debt that you've lost count of the total dollar amount, bankruptcy filing might be needed.
Call The Gil Law Firm at (334) 673-0100 or visit their website to schedule your initial consultation. Attorney Rafael Gil III will help you determine if Chapter 7 or Chapter 13 bankruptcy is best for your situation, as well as the appropriate time to file. You are not alone. There IS a way out of debt.