Debt can leave you feeling as if you have nowhere to turn, especially when creditors are calling and harassing you around the clock. It may seem like you have no options available to you. If you've reached the end of your rope, you need to talk to an attorney about filing bankruptcy. If you're not sure that bankruptcy is right for you, it's time to take a few things into consideration. Take a look at the list below. If you fit into any of the categories described, bankruptcy may be your best option.
You're Young Enough to Rebuild
If you're in debt and you see no way out, the first thing you should do is consider your age. This might not be something you've thought of, but age plays a big role in deciding whether bankruptcy is right for you. Filing for bankruptcy while you're young will still allow you plenty of time to rebuild your credit. Even if you do have to wait seven to ten years for the bankruptcy to leave your credit history, you'll still be young enough to move on once the bankruptcy blemish is no longer on your credit report.
You're in a Low Income Bracket
If you're in a low income bracket, it can be difficult to come up with the money you need to get out from under substantial debt. Not only that, but you might not have enough income to negotiate adequate repayments with your creditors. If that's the case, it might be in your best interest to file for bankruptcy protection. Once your debt has been discharged, you can begin rebuilding your credit.
You're Drowning in Medical Debt
If you're drowning in medical debt, it's a good idea to talk to an attorney about filing for bankruptcy protection. It can sometimes be nearly impossible to get out from under medical debt. Even if you're able to negotiate lower payments, you could be paying those bills for the rest of your life. Filing for bankruptcy will remove those bills and will stop the collection proceedings.
You're in the Process of a Divorce
If you and your spouse are in the process of filing for divorce and there's substantial marital debts to deal with, bankruptcy may be your best option. Filing for bankruptcy at the start of your divorce will ensure that you and your spouse will be able to make a clean break without excess marital debt hanging over your heads. However, it's important that both of you file for bankruptcy protection. Otherwise, one of you could be left holding all the debt if only one of you files.
For more information on bankruptcy, contact law firms like Phoenix Law.
Share10 September 2018
Hello, my name is Neil Gamford. Welcome to my site about bankruptcy proceedings. After my divorce, I was left near penniless and without a place to stay. I was paying all of my income to alimony and my remaining debts. Although I had a solid payment plan in place, it was getting difficult to cover my financial obligations without a home. Luckily, I met with a bankruptcy attorney, who helped me find a way to discharge my debts and start over. I hope to share the information I learned throughout that process with you through this site. Please feel free to visit anytime.
