Deciding whether to file for bankruptcy can be a tough decision, especially if you are not aware of the signs that you need to be looking for. To help you decide if it might be time to consider filing for bankruptcy, you will want to check out the following points.
Collection Calls Will Not Stop
If you are unable to make suitable payment arrangements with your creditors, it is unlikely that they are going to stop placing their collection calls. They will call every single telephone number that they have on file for you and they might call each of those numbers every single day. This means that you may deal with daily phone calls to your home, all of the cellular numbers that they have for you, you employer, and possibly even a relative or friend that was a reference for you. If you are tired of the daily phone calls or are starting to get worried that the non-stop collection calls to your place of employment is putting you at risk for losing you job, you may want to consult with a bankruptcy attorney to determine what your exact options are.
Your Income Is Not Increasing
If you have fallen behind on you bills due to a temporary decrease in your paychecks, then it is likely that you are going to be able to get back on track once your income is back to normal. However, if the income in your household has been drastically reduced, for whatever reason, and it does not appear as though your income will increase again any time in the near future, you may want to talk with a reputable bankruptcy attorney in your area. If you do not do this, you may simply find that your pile of debt will simply continue to grow because you simply do not have the monthly income to support regular payments, let alone additional payments to get yourself caught back up.
You Are Risk Of Losing Your Property
Temporary financial setbacks should not result in the loss of you home or the vehicle that you need in order to get yourself to and from work. If you are getting collection calls and letters informing you that you are about to find yourself in the middle of a foreclosure or the repossession of you vehicle, you will want to schedule an appointment with a bankruptcy attorney. If you are employed and you can show that you can at least afford those payments, bankruptcy may help you get rid of your other debt so you can focus on the debts that are most important to you and your family.
With the previously mentioned points, it should be easy for you to determine whether or not you should call to schedule a consultation with a trustworthy bankruptcy lawyer in you area.