Bankruptcy can be a difficult thing to have to come to grips with, but it is actually a blessing in disguise depending on your financial standing, the amount of debt you owe, and your ability to pay it off. Filing for bankruptcy with the help of a bankruptcy attorney will help you to get your financial life back in order, while settling your debts. This article will point out a few of the indicators that filing for bankruptcy may be the best option for you.
Indicator #1: You Are Unable To Make Minimum Payments
As your debts pile up, you may be able to take solace in the fact that you are at least able to make minimum payments. These payments are typically a fraction of your overall balance. However, when these minimums begin adding up amongst multiple creditors, and to the point that it becomes difficult or impossible to pay, bankruptcy may be your best option. This is especially true if you are starting to skip paying certain bills in favor of others, or if you are putting off your bills altogether just to stay afloat.
Indicator #2: You Are Starting To Dip Into Your Retirement Accounts
Your retirement, in the form of a 401k or Roth IRA, is supposed to serve as the nest egg that you need and deserve for all your hard years of work. Once you reach the point of dipping into these accounts in order to settle debts, it is time to start leaning toward bankruptcy. Not only does early withdrawal take away from your precious retirement money, it causes you to deal with outrageous taxes and fees.
Indicator #3: You Are In Danger Of Having Your Car Repossessed
If your creditors are threatening to take away real property, it is time to call up a bankruptcy attorney. Losing your vehicle due to debt will greatly compromise your quality of life and ability to provide for yourself. Rather than allow it to reach this point, you need to put your ducks in a row and begin building a shield from such events with the help of a bankruptcy lawyer. The filing will immediately put a stop to the repossession efforts, so that you are protected.
Take advantage of the information presented so that you are able to get the help needed to stop the bleeding in your financial life. For more help, touch base with a bankruptcy lawyer today.
For professional legal help, contact a law firm such as Gruber & Associates, PC.