When Should Someone File for Bankruptcy?

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While bankruptcy should not be someone’s first thought when they find themselves in debt, it may be the best course of action for someone to take. Bankruptcy laws can help you get a fresh start that can get you back on your feet financially.

Bankruptcy is an option when you lose control of your debt and interest payments are increasing the amount that you owe. Creditors may be calling you or filing lawsuits to get money. You may be borrowing from one creditor to pay another, all the while getting further away from being debt-free.

It All Depends on Your Situation

You should have enough debt that it makes sense to file for bankruptcy. If you have a credit card bill or two, it may not help you that much. There is no bottom limit for how much debt you need, but bankruptcy will have a negative impact on your credit for some time to come. You should also have limited or no options to pay your debt outside of bankruptcy.

Before you file for bankruptcy, you should explore if there are other alternatives available to you. This is not a decision that should be taken lightly. However, there are times when there is no other way to get relief from your situation. Bankruptcy can be the answer to your problems after you consider your entire situation. Regardless of how you got into debt, bankruptcy can help you to a better future, but there are tradeoffs.

Georgia Bankruptcy Lawyers

To learn more about the bankruptcy process, contact The Moffitt Law Firm online or call us at (762) 212-3951. We can help you explore whether bankruptcy is right for you.

[LEAR MORE]: What Is the Cost to File Bankruptcy?


Will all of your debts be discharged in bankruptcy?

Not every debt qualifies for bankruptcy. An attorney can explain which debts are discharged.

Do I need a bankruptcy law attorney?

A lawyer can help with the process and could keep you from making errors.

Will bankruptcy affect my credit?

Bankruptcy stays on your credit for seven years, but your situation improves over time.

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