THESE ARE THE SIGNS YOU SHOULD FILE FOR BANKRUPTCY

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Originally Posted On: https://www.letsbegamechangers.com/finances/these-are-the-signs-you-should-file-for-bankruptcy/

If you are one of the 80% of Americans who are in debt, you may be wondering if you should file for bankruptcy.

Debt causes stress, anxiety, relationship problems, and more. Drowning in debt drastically reduces the quality of your life and can leave you in the depths of depression. For this reason, many people who are struggling financially consider all of the options they have available to get out of debt and have a fresh start.

One of those options is filing for bankruptcy.

By filing, you can settle your debts and get the fresh start you so desperately need. If you have been considering bankruptcy but aren’t sure it’s an option for you, here are several signs you should file.

One of the impending bankruptcy signs is if you have experienced a major financial setback. If you are suddenly unable to work or have been diagnosed with an expensive chronic illness, you may need to consult with a chapter 7 bankruptcy attorney. A sudden and major change to your financial situation is a definite sign.

One of the signs of bankruptcy is being sued by multiple creditors. This happens when your debts have been not been paid for many months and creditors are getting aggressive. If you are afraid to answer the phone or check your mail due to creditors, you may need to consider bankruptcy.

If you are wondering when you should file for bankruptcy, one sign is you cannot pay your basic bills. If you are behind on your mortgage, car payment, and utilities, consider getting help. Falling behind on these bills can leave you homeless or without lights and heat, which is a serious financial situation.

If you find yourself using credit cards for necessities, it might be a sign you should file for bankruptcy. This is especially true if you are using your cards but are only paying the minimum or cannot make a payment at all. Eventually, you will find yourself with a zero balance and no cash to pay for the necessities.

If you are falling behind on bills and have resorted to payday loans, you may need to consider your options. Payday loans are expensive and can get you caught in a cycle of needing a loan every pay period. Eventually, these high-interest loans will catch up to you, and you will find yourself in a bind when you cannot make an important payment, like your mortgage.

There are many signs you should file for bankruptcy and experience the benefits.

If you have experienced a major setback or are being sued by creditors, you may need to file. Bankruptcy may also be beneficial if you cannot pay for basic bills or are stuck in a payday loan cycle.

If you are in any of these situations, consider filing for bankruptcy.

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