The word “bankruptcy” can frighten people, as the social stigma associated with it invokes
thoughts of failure and irresponsibility. The fact of the matter is that
anyone can fall on hard times, as sudden illnesses or loss of employment
can never truly be foreseen. If your debt has gotten out of hand and you
feel like there is no way out, bankruptcy may be a desirable route to
take. Below is a list of questions to ask yourself that can help you determine
if filing for
Chapter 7 or
Chapter 13 bankruptcy is right for you.
1. Do You Need a Credit Card to Pay for Necessities?
One of the most telltale signs of excessive debt is the need to use a credit
card to purchase basic necessities such as food and utilities. By carrying
a balance month-to-month on your credit card bills, you pay the highest
amount of interest, further worsening your debt. Making minimum payments
each month is also problematic, as this money goes towards the payment
of interest rather than your principal.
2. Are Collectors Calling You?
If you are receiving harassing calls from collection agencies demanding
payment, filing for bankruptcy may be a smart option. These constant collection
efforts can be incredibly stressful to deal with, putting further pressure
onto your already difficult situation. Bankruptcy can stop these nagging
calls, as collection efforts are required to cease immediately upon filing.
This allows you to step back, breathe, and come up with a repayment plan
with the assistance of your attorney.
3. Are You Unable to Save Money?
A common theme shared by people who need to declare bankruptcy is that
they are unable to save any money because of their overwhelming debt.
If you should ever get to the point where you can no longer contribute
to your savings accounts or retirement funds, you may need to assess your
financial situation and consider filing for bankruptcy. Debt should not
swallow up so much of your income to the point where there is nothing
left to save.
Conquer Your Debt with the Pritchard Law Firm
While these questions are meant to guide you in the right direction, it
is always best to discuss your situation with an experienced bankruptcy
attorney from our firm. If you find yourself answering “yes”
to any of the above questions, contact a Fort Worth bankruptcy attorney
from the Pritchard Law Firm today! We can help you determine if bankruptcy
is right for you and guide you towards a debt-free future.
Call our office at (817) 285-8017 or request a free initial consultation
to take the first step towards overcoming your debt.