Posted on: 23 February 2022
Bankruptcy is a process in which you can be relieved of your debts or you can get onto a payment plan to pay back some of your debts. Bankruptcy is usually considered a last resort after you have exhausted all efforts to pay your debts, but if you don't have the means to do this, you may need bankruptcy. If you aren't sure if you should file for bankruptcy, read on for some reasons why it may be time.
You Don't Have Any Other Sources Of Income
If you've exhausted all resources of income you have access to and you have no way of increasing your income to help pay back debts, you may need to consider filing for bankruptcy. If you don't have any other way to pay back your debts without leaving you completely unable to live on a day to day basis, it's time for bankruptcy. Those that have access to retirement funds and can pay back their debts with this type of income may not be able to file for bankruptcy without first using these types of assets first.
You've Borrowed From Everyone
If you've been borrowing money from those you love, it's time to file for bankruptcy. If you've had to borrow money for gas, to pay for groceries, to pay your rent or your mortgage, or for any other debts you have, it can eventually put you even further into debt. If you're borrowing from your next paycheck with an early paycheck type of business, it's time to file for bankruptcy. You're just digging yourself deeper and deeper into debt and you need to file for bankruptcy to get back out of this debt.
Your Debt Is Causing You Too Much Stress
If you're so far in debt that it's causing you to stress out and become overwhelmed, it can cause problems for your mental health. It's time to file for bankruptcy to alleviate your stress and to be able to feel like you can breathe again. You shouldn't have to be this stressed about your debt, and if it's starting to wear on your mental health, it's time to file.
If you aren't sure if you should file for bankruptcy, but you've experienced some of the above, you should make an appointment with a bankruptcy attorney to see what you need to do to file for bankruptcy and to see if you are eligible for bankruptcy.Share