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When should you file for bankruptcy?

On Behalf of | Mar 7, 2023 | Bankruptcy

Filing for bankruptcy is emotional, and some people take time before accepting they need to do so. Bankruptcy has considerable benefits, including preventing creditors from taking legal action against you and stopping calls from creditors. However, when should you file for one?

This guide discusses four signs it may be time to file for bankruptcy.

1. You can’t pay debts

If you are in high debt and can’t pay them, you should consider filing for bankruptcy. Your combined debt should not be above your income. Falling back on loans and receiving harassing calls can be stressful.

2. You don’t have savings

Using your savings to catch up with loan payments and take care of daily needs may put you in a complicated financial situation. If you don’t have savings and loan payments are pending, you may need to file for bankruptcy to have a fresh start.

3. You depend on loans to pay bills

If you depend on loans to pay bills, you should be alarmed. And in some cases, you may be denied bank loans due to your credit history, and in turn, may end up depending on online loans or loans from loved ones, month after month. At this point, it will help to consider your options.

4. You don’t open letters or receive calls

No one wants to receive calls and letters every other day from creditors. It’s stressful and can lead to anxiety. Thus, if you are scared to open your mail or receive calls because you know it’s a creditor, it may be time to file for bankruptcy to protect your mental health. 

Bankruptcy is one of the most debatable subjects. You can obtain more information about it to make informed decisions when the time comes.    

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The Law Office of Kim Covington, is a woman owned debt relief agency, and I have helped families, individuals and small businesses, file for bankruptcy relief under the U.S. Bankruptcy Code, for over 24 years.