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Home > Blog > Bankruptcy and Debt Relief > Reasons to File Bankruptcy

Reasons to File Bankruptcy

Reasons to File Bankruptcy

Deciding whether to declare bankruptcy will be one of the most important and impactful choices you make in your financial life.

You can expect having a bankruptcy on your credit score to have a negative effect on your ability to be approved for a mortgage, car loan, or future credit card, but filing bankruptcy can also free you of the massive debts you’ve incurred and have no way of digging yourself out of.

If you find yourself in any of the following situations, now might be the time to consider whether filing bankruptcy could be in your best interest.

Working Multiple Jobs Isn’t Cutting It

Many people are able to pay off their accumulating debts by picking up extra hours at work or finding a second or third job to cover their expenses. However, if you are unable to support yourself on a month-to-month basis despite working multiple jobs, bankruptcy might be a good option for you.

Your Income Is Going to Be Garnished

If one of your lenders has put in a request with your employer to garnish your wages when you can barely survive on your salary as it is, declaring bankruptcy can prevent this from happening and allow you to use your hard-earned money to continue paying on monthly bills you’ll need to continue to pay once your debts have been dismissed.

The Anxiety Is Affecting Your Life

Trying to work—or accomplish anything, for that matter—with the weight of financial stress on your shoulders can be nearly impossible to handle if it’s keeping you up at night and affecting your ability to perform.

Making the decision to file for bankruptcy goes a long way toward enacting a viable plan that can improve your financial situation. That means doing so may let you get the rest you need to do well at work so you maintain that positive source of income.

You’re Living Off of Your Credit Cards

If you are in a position where you are paying your monthly bills with your credit cards or using credit cards to pay other credit card minimums, filing bankruptcy may be a real option to consider.

Without income that can support a basic standard of living, there will be no way for you to recover when your credit card companies begin to increase your interest rates and monthly minimums for missing payments.

At least when you cease payment for debts that are going to be discharged when you declare bankruptcy, you will be able to save that income for the monthly payments you really need to make. You can also begin to get ahead on savings so you can make sure you don’t end up in a dire financial situation again.

Meet with a Terre Haute Bankruptcy Lawyer

Are you in a position where you need to consider whether declaring bankruptcy is the right financial path for you? To discuss the details of your situation, consult with a qualified Terre Haute bankruptcy lawyer with Rowdy G. Williams Law Firm today. Doing so may put you one step closer to financial freedom.

We can schedule your case evaluation if you contact us via phone at 812-232-7400 or through the contact form below.

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