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When Is Bankruptcy Your Best Option?

When Is Bankruptcy Your Best Option?

For many, there is a stigma surrounding bankruptcy that makes them hesitant to file. This is an understandable position, but will ultimately do you more harm than good. If you are struggling financially, then bankruptcy can be your best option. If one of the following situations sounds familiar to you, it may be in your best interest to file for bankruptcy:

  • You are drowning in mountains of debt. If you are struggling to pay down debt you may have on a credit card, a loan, or through medical bills, then bankruptcy maybe your best option. We consider it “drowning” when you are unable to make minimum payments, or when the majority of your income that you need for essential things like food and shelter are going towards your debt.
  • You are facing foreclosure. A foreclosure is when a bank or loaner forces the sale of your asset (most commonly, your home) in order to pay off your remaining debt. If you are at risk of the bank foreclosing on your home, bankruptcy can be a good option that allows you to keep your place of residence.
  • You are being sued or harassed by creditors. If you are unable to pay your debts and creditors will not leave you alone, then you can stop the cycle of abuse by filing for bankruptcy.
  • You find it hard to pay your monthly bills. If you are simply struggling to make ends meet month to month, bankruptcy may be an option that gets you back on your feet.

Bankruptcy can help you to eliminate your credit card debt, personal loan, and cash advance debt, remove second and third mortgages from your home, stop foreclosure, end the garnishment of your wages, and put you on track to rebuild your credit.