Debts accumulate for any number of reasons. You may have had a medical emergency that required expensive care, or maybe someone in your household faced a prolonged period out of work. Maybe you just didn’t how to manage money until it was too late. No matter the reason, you now face debts that have spiraled out of control. If you are weighing your options, here are three signs that bankruptcy could be a good choice for you.
- You Are Behind on Multiple Bills
When you are behind on more than one or two bills, things can spiral out of control quickly. You may move money between credit cards to try and keep creditors at bay, accumulating hefty transaction fees in the process. Any late payments are also likely adding fees to your balance, which will just make it harder to pay off in the end.
- Your Home Is at Risk
If you are facing foreclosure because you are putting housing funds toward other bills, it is time to talk to a bankruptcy attorney Hattiesburg MS about your options. In many common forms of bankruptcy, you can keep your house and other secured debts as long as you keep them current. So, once the other debts are eliminated, you can refocus on making your housing payment and establishing better financial habits. That is harder to do if you lose any equity you have to a foreclosure.
- You Have No Realistic Way To Pay Off Your Debt
Let’s face it — there comes a point when you realize that, no matter how hard you work, you will not be able to repay the debts you have accumulated. Bankruptcy was originally designed to give people in this situation a chance at a clean slate. Now might be a good time to claim yours.
Bankruptcy is often considered a last resort, but it is a viable option for many people overwhelmed by debt. If you are behind on multiple bills, facing foreclosure on your home or unable to see a way out of debt, it might be right for you.