Bankruptcy: 5 Signs It’s Time to File

If you’re experiencing financial hardship, you may think that’s time to file bankruptcy — not so fast. That may not be the best option for your unique financial situation.

Here we tell you five signs that it’s time to file bankruptcy.

1.You’re Using Savings to Pay Bills

It may be tempting, but paying bills with your savings could lead to financial disaster. Instead of draining your savings accounts, you can file for bankruptcy. By doing this you get your bills under control and keep your savings intact.

2.Your Wages Are Being Garnished

Wage garnishment is when creditors take a percentage of your paycheck. Filing bankruptcy puts a stop to wage garnishment.

3.You Pay for Utilities With Your Credit Card

If you’re paying off debts by creating more debt, it may be time to consider bankruptcy. Filing bankruptcy helps to erase credit card debt and make managing your bills easier.

4.Paying Off Your Debt Will Take 5 or More Years

To get an idea of where you stand, calculate how much you owe and when you think you can repay.

If you don’t see yourself paying off the debt within five years, then bankruptcy is the right solution.

5.Your Debt is More than Your Annual Income

If your debt exceeds your annual income, you’ve reached a crisis point in your debt — but there is hope. Bankruptcy can make paying off debt more manageable.

Bankruptcy makes paying off debt more manageable. You may be able to get debt counselling and learn money management techniques.

If You’re Eligible to File, We Can Help

Bankruptcy can provide relief to burdening debt. If you’re ready to take the first step toward financial ease, contact us. Our team of experienced professionals are here to consult you through the entire bankruptcy process.