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Bankruptcy offers a way out for borrowers who have more debt than they can reasonably expect to pay, but many struggle unnecessarily because they're not sure when they should file. 

Greene Law, a law firm with expert bankruptcy attorneys serving the Farmington area, recommends strongly considering filing for bankruptcy if more than a few of the following conditions describe your financial situation:

  • You Can Only Afford Minimum Payments: In most cases, even small debts can take years to pay off if you're only able to make the minimum monthly payments. If you're making a payment every month but the total amount doesn't seem to decrease, or is actually increasing, seeking bankruptcy protection may be your best course of action.
  • You're Harassed By Bill Collectors: When you're in debt, you may live in fear of answering the phone or checking the mail. Both Chapter 7 and 13 bankruptcy comes with an automatic stay, requiring creditors to immediately cease all debt collection activities.
  • You Buy Necessities On Credit: If paying your bills means you can't afford your normal daily expenses, then you're only putting yourself deeper in debt.
  • Your Debts Are Greater Than Your Assets: If the total amount of your debts is greater than the total amount of your assets, then you may be a good candidate for debt relief.

If you find yourself in this difficult situation, don't wait to hit rock bottom before you consider filing for bankruptcy. Visit Greene Law online to learn more about their legal services, or just call (860) 676-1336 to schedule a consultation with an attorney today.

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