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At some point, almost everyone experiences a bit of financial strain or hardship. However, in some cases, these situations go beyond simply reevaluating your budget. If you’re completely maxed out, filing for bankruptcy might be your best bet. The following signs should help you determine whether this approach is right for your needs. 

3 Signs Filing for Bankruptcy Is Right for You

1. You Continue to Miss Payments

Life happens, and accidentally missing a payment or two on credit cards and debts is common. However, if this occurs every month, and you’re struggling to keep up with even the minimum amount due, consider filing for bankruptcy sooner rather than later. Missed payments often lead to costly penalties and increased interest rates, making catching up practically impossible. 

2. You’re Using Credit Cards for Necessities

bankruptcyIn a situation where your financial health was solid, you would have enough funds left over after paying your bills to cover costs like household goods or groceries. However, if you’re completely tapped out after covering these bills, and you need to rely on your credit cards to get by, discharging outstanding debts through a bankruptcy filing might be your best option.

3. You’re Struggling With Harassment From Creditors

If you’re far behind on your payments, your creditors might have collection agencies calling and sending threatening letters to try and get their money back. This kind of behavior can be intimidating, stressful, and scary. If you’re struggling to get them to leave you alone, filing for bankruptcy is a viable solution. This action will trigger an automatic stay on your accounts, which means collectors will be required to stop contacting you. 

 

If you're thinking of filing for bankruptcy, contact the compassionate professionals at Sam Turco Law Offices. Since 1992, these knowledgable lawyers have provided residents throughout Omaha, Lincoln, and the state of Nebraska with representation in both Chapter 7 and Chapter 13 bankruptcy cases. Give them a call today at (402) 614-7171 to schedule a free consultation. Visit their website for more information on their services.

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