The Law Office of Kim Covington

Call For A Free 1-Hour Consultation
541-393-2790 | 800-673-1891

Please Ask For Kim Directly When Scheduling An Appointment

When is it time to file for bankruptcy?

If you are having a difficult time financially, you may already know that filing for Chapter 7 or Chapter 13 may be an option for you and other Eugene residents. However, you may wonder when you should stop attempting to make it on your own and file for bankruptcy.

According to NerdWallet, there are numerous factors that may signal it is time to consider bankruptcy. These may include the following:

You can only make the minimum payment on your credit cards and other forms of debt. Instead of paying down debt, you are barely keeping your head above water. You may regularly forgo some payments to pay more urgent bills, getting yourself even further into default.

You face losing your home, vehicles or other assets. Your wages are being garnished or creditors are threatening to garnish you or take you to court. You are being called on a weekly or daily basis by bill collectors, and you have been unable to negotiate a reasonable payment plan. You may be considering consolidating your bills in order to make them more manageable.

You do not know exactly how much you are in debt. You use your credit cards to pay your monthly bills because your income is not enough to make ends meet. You figure it would take at least five years to repay your debt, and that your current payments are doing little to pay down the interest.

Perhaps one of the most telling factors that you might be ready for bankruptcy is that you feel anxiety, hopelessness and a loss of control when you think about your financial situation. It is the intent of this post to give you general information, but it should not replace the advice of a lawyer.

No Comments

Leave a comment
Comment Information
email us for a response

Learn More About Your Fresh Financial Start

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

The Law Office of Kim Covington is a debt relief agency, and I have helped families, individuals and small businesses, file for bankruptcy relief under the U.S. Bankruptcy Code, for over 19 years.

The Law Office of Kim Covington

The Law Office of Kim Covington
1445 Willamette Street, Suite 9
Eugene, OR 97401

Toll Free: 800-673-1891
Phone: 541-393-2790
Fax: 541-344-6466
Eugene Law Office Map

P: 541-393-2790

T: 800-673-1891

F: 541-344-6466