How do I decide whether I should file bankruptcy?

Deciding to file bankruptcy is not easy. You beat yourself up or feel ashamed over past financial mistakes. You want to repay your debt. Sadly, some people struggle for years trying to pay back debt before facing the decision that bankruptcy is needed.

Be realistic. Deciding to file sooner rather than later is often the best choice. Why? Continuing in an impossible situation is highly stressful. Don’t waste money trying to “borrow” your way out of crushing debt. Here are some signs you may need to file bankruptcy:

  • No emergency savings
  • Living paycheck to paycheck
  • Charging essentials, like food, utilities, gas while making minimum payments on credit cards
  • Debt balances going up, not down
  • Juggling minimum payments and being forced to pay late fees
  • Behind on car or home loan trying to keep up with credit cards or unsecured loans
  • Worrying, even losing sleep due to stress over debt situation

Have you made mistakes? Only if you are human. Consider talking with an experienced bankruptcy attorney to get help deciding to file bankruptcy or not. If you need to file bankruptcy, get it behind you. Begin the path back to rebuilding your credit.