Is bankruptcy right for me?

Authored by Wendy Witt, Esq.

We absolutely don't mean to be coy or self-serving; however, you really only can get the answer to this question from a bankruptcy attorney.

However, what we can do is provide warning signs that bankruptcy is imminent and should be considered promptly:

  • You feel overwhelmed and can't sleep at night because of debt stress. That same stress is causing marital and family discord, health problems, or challenges at work.
  • Your debt from credit cards, personal loans, and medical bills is equal to or greater than your annual income.
  • You can only pay the minimums on your credit cards.
  • Creditors are sending letters, calling you, and/or filing lawsuits to collect on your debt.
  • Your wages or bank accounts have been garnished.
  • You can't pay your regular monthly bills or you hesitate before spending money for quality food or medical care.
  • You are thinking of tapping into your retirement accounts or home equity to pay off your debts.
  • You've borrowed money from family or friends.
  • Your car has been repossessed or your mortgage lender is threatening foreclosure.
  • Your credit cards are maxed out.

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