Dealing with debt can be quite stressful. And no matter how you try to manage your bills and meet your needs, it may not be enough. If you are not getting enough sleep as you compile your debt or do not want to answer your phone because of creditors asking about overdue bills, you may want to file for bankruptcy and hire a Greene County, NY bankruptcy attorney to help you navigate the filing process.
For some people, bankruptcy is considered a last resort. But the truth is that bankruptcy laws are enacted to provide people with a second chance. Filing for bankruptcy can be a path to a good start and financial peace. When you assess your debt and the steps to take, below are some signs you may want to file for bankruptcy:
Your Home May be Foreclosed
If you have been behind on your mortgage payments, recovering and overcoming enough to save your home can be hard. By filing for bankruptcy, you can stop foreclosure or buy yourself some time. The automatic stay will stop the foreclosure process when you file the bankruptcy early enough.
Your Income is Not Enough to Pay Debts
Having trouble paying your debts and not meeting your needs every month can be quite stressful. When you miss your monthly payments, you can incur late fees and extra interest charges. If you are in this situation, you may get financial peace when you file for bankruptcy.
You are Being Harassed by Creditors
If your creditors have been harassing you, this could mean your debts may have gotten out of control. But despite this situation, you need to take steps to relieve your life stresses. Filing for bankruptcy can stop creditors from harassing you. This is because the automatic stay will take effect, stopping creditors from contacting you over unpaid debts.
You Want to Consolidate Your Loan
Consolidating several debts into a payment can be quite useful when you have enough funds and your major concern is forgetting about paying your bills on time. But this is not usually the case for a lot of people. By declaring bankruptcy, your debts will be assessed, and the majority of them can be discharged. For debts that can’t be discharged, a repayment plan is made based on how much you make every month. If you are thinking about debt consolidation to fight several unpaid debts or bills, consider filing for bankruptcy instead.
