If all your money goes toward paying down debt, declaring bankruptcy may provide the breathing room you need to catch up. Discharging applicable obligations will free up funds to cover your family’s expenses and help you start saving. A bankruptcy law attorney will evaluate your situation to determine if proceeding is wise. Here are some telling signs that discharging debt is advisable.

3 Signs to Consider Bankruptcy 

1. You Fall Further Behind Every Month 

If you can't cover the interest that your debt accrues every month, you'll never pay off loans and credit cards. Unless you're also chipping away at the principal, your debt load will only increase over time. Discharging it with the help of a bankruptcy law attorney will help restore your financial standing.  

2. You’re Unable to Increase Your Income 

If you’re on a relatively lucrative career path or you’re anticipating an inheritance or a sizable tax refund, it may be possible to pay down your debt without declaring bankruptcy. If, on the other hand, you’re working two or three jobs and your debts are mounting, bankruptcy may be the best way to regain your financial footing

3. You Can’t Cover the Essentials 

If you’ve been eating a steady diet of rice, beans, and ramen and funneling most of your income to pay down debt, consider how sustainable this practice is. Sacrificing essentials—nutritious food and health care—may cost you more in the long run. Declaring bankruptcy, on the other hand, will allow you to cover the necessities so you can lead a more balanced life.

To determine if you're eligible for Chapter 7 or Chapter 13, turn to the bankruptcy law attorneys at Riley Resar & Associates PLL. Located in Lorain, this firm has been counseling clients across northern Ohio for nearly 30 years. Their team gives every case the attention it deserves by evaluating each client’s specific needs and devising practical legal solutions tailored to meet them. To learn more about their areas of practice, from bankruptcy law to personal injury law, visit their website. To request a consultation, call (440) 244-5214.