There are definitely times when bankruptcy is not a good option for you and other times when bankruptcy will be a lifesaver for you. If you are thinking about it, have considered it, or definitely know that you would benefit from it, then you should review your financial situation with a bankruptcy attorney in Seattle, WA. Here are the top 5 clear indicators that a bankruptcy is your best option. If you are experiencing any or all of these, the very next item on your to do list should be to call an experienced bankruptcy attorney to go over your options with you.
You Are Making Only the Minimum Payments
Making the minimum payments on your credit cards is not going to get your debt paid off anytime soon, so if you are only making enough to be able to make the minimum payments on your credit cards, then you should talk to a bankruptcy lawyer immediately about filing for bankruptcy. At the very least they can help you identify ways that you can change up your financial situation to determine how you got into the situation you are in and what little changes you can make to improve it. Bankruptcy might be your best option but talking to a lawyer is going to help you know for sure.
You Are Getting Harassed by Creditors
If creditors are calling you, then you might be in a rush to get them off your back. Bankruptcy is a surefire way to do jus that. Collection agencies and bill collectors are usually ruthless and can even resort to calling your family members and friends they know are connected with you in an attempt to get a hold of you. Retaining a bankruptcy attorney can actually go a long way to stop these but in order to make it illegal for them to contact you at all, your bankruptcy must be filed.
You Are No Longer in Control of the Situation
Few things make people feel more helpless than severe money setbacks. If you cannot look at your monthly income and expenditures without feeling a small wave of panic, or without having to practice your deep breathing exercises, then bankruptcy might be a good option for you. A lot of people worry about their financial situation but if it makes you feel totally out of control, hiring a bankruptcy lawyer to review your options, including bankruptcy, is a great first step towards getting free of your burdens.
You Don’t Know How Much Debt You Have
If after sitting down and trying to write down all your debts from memory you find you cannot form a complete list of who you owe money to and how much you owe to each one, or if you do not know a sum total of your debts combined between all of your creditors, then bankruptcy is a solid opportunity for you to start over again with a clean slate and no debt weighing you down. No number is easier to recognize than zero.
You Pay Regular Bills with Credit Cards
One of the worst things that a person can do is pay for basic necessities and regular bills such as utilities and gas with credit cards. If your situation is such that you can no longer afford to pay for these regular necessary expenditures, bankruptcy might be in your future and it might be the shining light at the end of the long dark tunnel you have found yourself in. There are many reasons to file for bankruptcy and it is often out of your hands.
Bankruptcy should be seen as a wise way out of tough financial times to those who really need it. If you are going through any of these scenarios in your head and they are ringing true for you, know that a bankruptcy attorney in Seattle, WA can help.