If you are deep in credit card or medical debt you may be exploring if bankruptcy is the right solution for you and your family. Bankruptcy has the power to erase unsecured debt, like credit card and medical debt, and give you the fresh financial start you need. Imagine how you would feel waking up with your debt problems behind you. Certainly choosing to file for bankruptcy is a serious financial decision, but it may be the best decision for you.
4 Signs that Bankruptcy is Your Best Debt Relief Option
- Your credit cards are maxed out.
If your credit cards are maxed out and you’re only making the minimum payment, or if you’re not making the payments at all, then bankruptcy is probably your best debt relief option. Sit down with your bills and figure out exactly how much you owe. Can you reasonably pay back your debt within three years? If not, it’s time to consult with an experienced bankruptcy attorney to explore how bankruptcy can help you.
- Your are struggling to pay medical bills.
If you’re drowning in medical debt, it’s time to sit down with a bankruptcy attorney. Medical debt, as well as credit card debt, are dischargeable in bankruptcy. This means that these debts are erased through bankruptcy, and you will no longer be legally obligated to pay them back.
- Your creditors are taking aggressive collection action against you.
If you are being sued by a creditor, or your wages are being garnished or bank accounts levied, then bankruptcy is very likely your best debt relief option. Also, if your creditors are calling you non-stop demanding payment or threatening to sue you, then it’s time to explore bankruptcy.
Filing for bankruptcy will put an immediate stop to law suits by creditors, wage garnishment, bank levies, and collection phone calls. As soon as you file for bankruptcy your creditors must stop all collection action against you. Contact a bankruptcy attorney today. If you live in or near Savannah, GA we offer free consultations – contact us here.
- You are behind on your mortgage or car payments.
If you are behind on your mortgage payments or car payments, bankruptcy can help you. First, filing for bankruptcy will stop (at least temporarily) a foreclosure on a house or a car repossession. Second, a Chapter 13 bankruptcy creates an opportunity for you to catch up on mortgages arrears or missed car payments.
Bankruptcy is a powerful legal tool that can help you in many ways. If you’re experiencing any of the 4 situations listed above, it is likely that bankruptcy is your best debt relief option.
To further explore if bankruptcy is the right solution for you, read our articles:
- Debt Management vs. Bankruptcy
- Living With The Stress of Debt vs. Bankruptcy
- Do Not Borrow Against Your Retirement to Fund Debt Management
How Can Bankruptcy Help Me?
We’re committed to helping people get out of debt and gain the financial freedom they deserve. We invite you to learn more about who we are here. If you live in Savannah, GA or the surrounding areas and have questions about your debt relief options, let’s meet for a free consultation.
We are a debt relief agency. We help people file for bankruptcy relief under the U.S. Bankruptcy Code.