When you’re struggling financially, it can be difficult to know what to do. You may be wondering if you should declare bankruptcy, consolidate your debts or even if there is some other course of action that might be better. While every person’s situation is different, and it’s best to consult professional help before making a final decision, we’ve put together a few indicators that might give you a better sense of what you should do.

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Are you only making the minimum payments on your credit cards? Do you need to use credit cards to pay for basic necessities? If so, your debt is steadily increasing and will quickly become unmanageable. Declaring bankruptcy can eliminate credit card debt altogether or create a payment plan that will help you pay off the debt.

Are your wages being garnished? Or have you been out of work for a while and no longer have savings or unemployment to support you? When you declare bankruptcy, the wage garnishments will be stopped—unless the garnishment is for child support. Once your bankruptcy is final, and the debt is discharged, the wage garnishment cannot be restarted. In certain situations, you may even be able to recover some of the wages that were garnished.

Are you unsure how much money you actually owe? Do you receive calls from creditors, and you’re not sure which debt they are after? Declaring bankruptcy will stop the calls from creditors and give you the means by which you can get a handle on what debts are owed to whom. With additional information, you’ll have a clear idea of which debts can be discharged and which (if any) cannot.

Is your home almost in foreclosure? Are any of your creditors suing you for delinquent bills? If you want to save your home from foreclosure, you may be in a situation where the only answer is Chapter 13 bankruptcy. Timing can be an issue with foreclosure, so it’s best to consult a lawyer as soon as foreclosure becomes a possibility. In the case of lawsuits that might be proceeding against you, these will be stopped when you declare bankruptcy. But, if the debt is not discharged, the lawsuit will resume when your bankruptcy case is closed.

Knowing When It’s Time For Bankruptcy


When you think about your financial situation, do you experience fear and anxiety? Do you do anything to avoid thinking about money, but in reality it’s all you think about? Being in debt is overwhelming and, with creditors pursuing you, it can be downright frightening. All this takes a toll on your physical, mental and emotional health. Of course, bankruptcy can also be difficult emotionally, but with an end in sight and a plan to recover, there can also be feelings of relief and excitement at having a chance to start over financially.


Chapter 13 Bankruptcy

For High Income and Asset Owners

Chapter 11 Bankruptcy

For Businesses and Corporations

Foreclosure Prevention

For Struggling Homeowners

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Chapter 7, 11, and 13 Bankruptcies


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