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Four Signs That You Should Consider Bankruptcy Now

Posted By admin || 16-Jul-2010

Four Signs That You Should Consider Bankruptcy NowWhen debtors are facing financial trouble they are usually in denial about it for a long time.  And when they finally face up to the facts of their financial predicament it is often three to four years after they should have considered bankruptcy.

To avoid this type of problems, below are four signs that you should consider bankruptcy now:

  1. You are facing creditor lawsuits.  If your bills have remained unpaid for so long that your creditors feel that they need the long arm of the law to make you pay, then you probably need to file bankruptcy.  Creditor lawsuits are powerful instruments used by lenders to win judgments and eventually get the power to seize your assets.  By filing bankruptcy, you can put an end to creditor lawsuits and regain control over your financial situation.
  2. Your wages are being garnished.  If you have a wage garnishment , that means that you have already been successfully sued by one or more creditors and probably need to consider filing bankruptcy.  It can be nearly impossible to remove a wage garnishment without the help of bankruptcy.  Bankruptcy can stop wage garnishments and save your income from seizure by creditors.
  3. You cannot afford to pay your taxes and have tax liens and tax levies against you.  Tax liens and levies are a sure sign that bankruptcy may be a good option for you.  Bankruptcy will help you discharge unsecured debt and free up income so that you can pay your priority and secured debt.
  4. You are unable to pay your rent or you are facing foreclosure.  The inability to pay for the rent or mortgage necessary to keep a roof over your head is a sure sign that you may need to file bankruptcy.  While bankruptcy won't allow you to stay in your home without paying, it can discharge unsecured debt which can free up money so that you can pay your rent or mortgage.  Also, if you cannot afford to pay your mortgage it can facilitate the return of the property to the lender and discharge any deficiency you may owe.
Categories: Bankruptcy
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