You've been attempting to pay off your debts to the best of your abilities. Whenever you get extra money, you throw it at your bills in the hopes that the mountain of debt you have will magically reduce itself. However, it seems that no matter how much money you make - or how much you put towards your debts - that mountain of debt isn't shrinking down to a molehill anytime soon.
You've finally come to the crossroads - and it's time to ask yourself a personal question. When it comes down to it, how do you know if personal bankruptcy is in the cards for you?
There's No End in Sight
If you suspect that there's no end in sight with your debts, it's probably because it's true. Many people refuse to file for personal bankruptcy, as they believe that they'll eventually be able to pay off their debts. However, if it's going to be decades before you end up paying off your mountain of debt, your best bet is to file for bankruptcy.
So what's the reasoning behind this move? Simple: while the after-effects of bankruptcy will remain on your credit score for seven to ten years, suffering from poor credit as a result of your debt-ridden lifestyle could last for decades, depending on your burden of debt.
You're Suffering from the Stress of Paying Your Debts
There's no denying that there's plenty of stress involved with paying off any debts. However, if struggling to pay your mountain of debt is making you physically and mentally unwell, it's time to consider the emotional relief that filing for bankruptcy may offer you. You don't have to suffer from paying off your bills. Contact a local bankruptcy attorney to determine what your options are, and finally say good-bye to the stress associated with insurmountable debts.
You Won't Experience a Raise Anytime Soon
Many people keep on struggling with their debts simply because they believe that they'll eventually make enough money to pay off their medical debts or credit card bills . However, unless you'll experience a massive raise within the next three to five years, it's time to contact a bankruptcy attorney. The reasoning behind this is simple: by the time you actually end up getting your raise, you may have already passed the amount of time it takes for your post-bankruptcy credit to recover.
If personal bankruptcy's in the cards for you, contact a local bankruptcy attorney as soon as possible.