Many people don’t see filing for Chapter 7 bankruptcy as a feasible option for escaping the pressures of being in debt. However, it could be the only way for you to get a fresh start with your finances. There are a number of key indicators that mean it’s time to file for a Chapter 7 bankruptcy.
Here are the three main signs that you might need to file for Chapter 7 bankruptcy:
1. You’re living off of credit cards: When your debt increases, rather than decreases, each month, it’s a sign that you don’t have the means to get out of debt on your own. This is a serious financial issue, and shouldn’t be taken lightly or ignored — you should seek a Chapter 7 bankruptcy attorney as soon as possible.
2. You’re receiving constant phone calls from debt collectors: If you can’t pay your bills, creditors will give your information to a debt collection agency. Receiving multiple phone calls each day from debt collectors is a sign that you’re struggling financially.
3. You can’t pay your bills: If you don’t have the income needed to keep up on your monthly bills, it’s a sign that your debt has become too overwhelming to manage.
A local bankruptcy attorney can help show you how to file for bankruptcy (and when to file bankruptcy) so you can get out of debt and move on with your life. A Chapter 7 bankruptcy can help you free yourself from the stress of being in overwhelming debt. Read more here.