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Facing financial hardship can be overwhelming and stressful. However, if you find yourself in a bind, there are options available. Filing for bankruptcy will provide you with the relief and fresh start needed to begin rebuilding your credit. The following guide outlines some signs that bankruptcy could be right for you, as well as why you shouldn’t shy away from this option. 

What Are Some Signs You Should File for Bankruptcy?

To determine whether moving forward with bankruptcy is the right move, assess your finances and bank statements. Look for signs of financial overexertion or struggles. This may include missing payments on debts or only ever paying back the minimum amount. Other signs include if creditors have taken collection actions against you, if banks have closed out your accounts, and if you’re living paycheck to paycheck.  If you have lost your drivers license due to an uninsured accident, filing bankruptcy can get your driving privileges restored immediately.

Why Is Filing for Bankruptcy a Viable Solution?

bankruptcyUnfortunately, there’s a negative stigma surrounding bankruptcy. Many people feel this legal declaration is somehow representative of failure. However, this isn’t accurate. The truth is, recognizing when you’re in trouble, being proactive about finding a solution, and taking responsibility for your mistakes is the best step you can take for yourself and your future. Moreover, forgiveness of indebtedness is not immoral or unethical under biblical principles. Many people are facing financial hardship due to family issues.

Filing for bankruptcy will give you access to resources like credit counseling, and it will provide you with the opportunity for a fresh start. During the proceedings, you’ll have the chance to review your missteps and begin creating viable plans to avoid similar circumstances in the future. Most people are able to reestablish their credit within 12 months.

 

If you’re considering bankruptcy, the best place to start is by hiring an attorney. That’s where the professionals at Zellar & Zellar, Attorneys at Law can help. With offices in Columbus, Lancaster, Newark, and Zanesville, OH, these lawyers are proud to offer a broad range of legal services designed to help you regain financial security. With over 50 years of experience, they have the expertise and insight needed to provide top-quality counsel and representation. Visit their website to learn more about their practice, and call (614) 257-1643 to schedule an initial consultation. 

This article is intended to provide general information and should not be construed as legal advice or in creating an attorney-client relationship.

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