Sunday, 21 Oct 2018
Finance

Top Four Reasons Why You Should Consider Bankruptcy

Dealing with a difficult financial moment can be extremely stressful and emotionally overwhelming. You might feel like you’re all alone in the world, but it’s important to remember that this is something that can happen to anyone. Luckily, there are services and options out there that can help you get back on your feet and live a quality life once again. Declaring bankruptcy is one of the most extreme choices you could make. However, filing can bring a multitude of advantages if you’re really in a bad spot. Here are the top four situations when making this decision will be the right one for you.

1. Using Credit Cards for Everything

Are you finding yourself having to put your everyday needs onto credit cards in order to keep going? The moment you have to put groceries or gas on a credit card because there’s not enough money in the bank is the moment that considering bankruptcy is a fully acceptable option. Placing your necessities will get you into an uphill battle with debt that’s extremely difficult to dig your way out of. Don’t let yourself get too far down this hole before you do something to change it.

2. Your Wages Will Be Garnished

Have you been informed by the legal team of a debt collector or lender that they are proceeding with taking action against you to garnish your wages in order to pay off what you owe? If so, then it’s time to find a legal team of your own who can help you file. Filing can put an immediate hold on the garnishment of wages and save you from having to deal with this difficult situation. By working with an expert, you’ll most likely be able to work out a better deal with your lenders or even have the debt dismissed completely.

3. Paying Off One Credit Card with Another

Have you found yourself having to take out multiple credit cards in order to pay off the debt on another? While switching debts around in regards to better interest rates can be beneficial, having to make this decision to keep yourself from falling behind on payments is a slippery slope. While this will offer you a temporary solution, those payments will still have to come in at some point, and not making on time payments with a new credit company where you don’t have sufficient history can put you in a precarious position.

4. Debt Is Affecting Work and Social Life

Are you so worried about your debt that you’re constantly allowing it to get to you while you’re at work or trying to hang out with friends? If so, then it’s time to make a change. Finances are, of course, an important part of life, but they shouldn’t be the driving force behind everything that you do. If you find that your work life and social life are seriously suffering as a result of your economic fears, then find a professional and take that final step today.

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