Many debtors considering bankruptcy are often hesitant because they’re not sure if they have crossed the line between just struggling financially and being completely bankruptcy. Well, here are a few general rules of thumb to follow when considering bankruptcy:
- If you’re three months or more behind on your mortgage payment and are unable to secure an affordable mortgage modification or other concession from your lender, you may need to consider bankruptcy to save your home from foreclosure.
- If you are delinquent on your credit card and won’t have enough money to keep up the payments in the near future due to a job loss or salary reduction, you may need to consider filing bankruptcy to avoid future lawsuits.
- If you are using credit card debt, personal loans or other debt to pay for basic living expenses such as rent, food, gas and utilities, you probably need to consider bankruptcy.
- If you’re being hounded by creditors and are being threatened with lawsuits, you may need to consider your bankruptcy options.
- If you are facing wage garnishments , bank account seizures and other aggressive creditor collection actions, bankruptcy may give you the relief you need.
To find out if your specific financial circumstances warrant a bankruptcy filing, please speak with a Dallas-Fort Worth bankruptcy attorney.