Many debtors are unsure about whether it's time to file bankruptcy or if they have a fighting chance to handle their debts alone without the force of the bankruptcy law. Below is a list of questions you can ask yourself to determine if it is time for you to make an appointment with your Dallas-Fort Worth bankruptcy attorney.
#1 - Are you paying more than 50 percent of your after-tax income to your bills, including mortgage, utilities, food, credit cards payments, gas for the car, insurance etc.?
#2 - Are you being sued by creditors?
#3 - Are creditors calling you and sending you letters threatening to file a lawsuit against you?
#4 - Are your debts stressing you out and negatively affecting your relationships with loved ones?
#5 - Have you already depleted your savings, retirement account and other resources that could have helped you weather a job loss or other financial emergency?
#6 - Will it take more than 5 years to repay your debt?
If you answered yes to any of these questions, you may need to consider bankruptcy. Many debtors exhaust all of their resources BEFORE considering bankruptcy which is a huge mistake that can negatively impact their financial future. It's important that debtors face up to the reality that they may not be able to repay their debts because of factors that are totally out of their control. Bankruptcy is not "bad" or a "cop-out" it is a legal way to relieve yourself and your family from the unbearable burden of debt that cannot be repaid or at least repaid in this lifetime. That's not an exaggeration. Many debtors have debt that is literally only possible to repay if it was repaid over several generations. Job losses, illness, divorce, reduced salary or even a death of a loved one can create a situation where bankruptcy is a necessity. Don't ignore the signs that you need to file bankruptcy. Your financial future is counting on it.