5 Signs You Need to Declare Bankruptcy

<p style&equals;"text-align&colon; justify&semi;">Financial matters can become quite overwhelming and you can easily find yourself deep in the hole of debt&period; Maybe you’ve been laid off&comma; fallen ill&comma; or any other financial disaster that renders you unable to fulfill some financial tasks comfortably&period; The decision to declare bankruptcy can be a difficult one and there are quite a number of considerations to make&period; Here’s a list of the common signs filing bankruptcy could be the best decision&period; Please read on&period;<&sol;p>&NewLine;<h2>1&period; You’re at Risk of Losing Your House<&sol;h2>&NewLine;<hr &sol;>&NewLine;<p style&equals;"text-align&colon; justify&semi;">Mortgage payments can become very challenging and quite a number of homeowners may find it hard keeping up with the payments&period; Foreclosures could be a possibility should you find yourself in such a financial situation&period; This is where filing bankruptcy could come in handy to help you keep your home as you come up with a plan on how you’ll repay the debts after a reasonable amount of time depending on your earnings&period; You can stave off the foreclosure proceeding if you’ve paid the outstanding mortgage balance and keep paying on a regular basis&period;<&sol;p>&NewLine;<h2 style&equals;"text-align&colon; justify&semi;">2&period; You’re Using Up Your Savings<&sol;h2>&NewLine;<hr &sol;>&NewLine;<p style&equals;"text-align&colon; justify&semi;"><a href&equals;"http&colon;&sol;&sol;pocketsmart&period;org&sol;financial&lowbar;management&sol;save&sol;" target&equals;"&lowbar;blank" rel&equals;"noopener">Savings<&sol;a> are very essential when it comes to being ready for your future&period; However&comma; you may reach a situation where you’ve depleted your personal finance and have started using your savings on household expenses&comma; bills or paying a debt&period; This could be dangerous both to your future and could create a hefty tax bill&period; Filing bankruptcy could be the best decision to make to prevent you from using up all your savings and suffering more with time&period;<&sol;p>&NewLine;<h2 style&equals;"text-align&colon; justify&semi;">3&period; You’re Unable to Pay Your Bills<&sol;h2>&NewLine;<hr &sol;>&NewLine;<p style&equals;"text-align&colon; justify&semi;">Not being able to pay for your bills can be very disappointing and stressful&period; Maybe you got laid off or fall ill and was hit off guard by a financial disaster&period; This may force you to use your credit card to obtain your daily necessities – which only adds to your debt&period; What should you do now&quest; Well&comma; unless you want to rack up debt because of something you could’ve controlled&comma; you can file for bankruptcy and you’ll have bought some more time&period;<&sol;p>&NewLine;<h2>4&period; You’re Being Sued by Debt Collectors<&sol;h2>&NewLine;<hr &sol;>&NewLine;<p style&equals;"text-align&colon; justify&semi;">You’re likely to be handed over to a collection agency if you fail to pay your debts after a certain period of time&period; The debt collectors will be calling you and sending letters asking you to pay&period; If you’ll not respond&comma; they might file a debt collection lawsuit to make you pay up&period; Trying to fight this lawsuit may not be that easy&period; In fact&comma; you may end up spending way more in court costs and the fees for bankruptcy lawyers in case you’ll lose&period; However&comma; filing bankruptcy will allow you some legal protection against the debt collectors&period; You won’t be liable for any extra collection actions until the case is dismissed or discharged&period; You’ll need to hire a helping hand from bankruptcy lawyers&period; For instance&comma; you can consult an attorney from the <a href&equals;"https&colon;&sol;&sol;www&period;steinbergerlaw&period;com&sol;" target&equals;"&lowbar;blank" rel&equals;"noopener">John A&period; Steinberger &amp&semi; Associates<&sol;a> for more information&period;<&sol;p>&NewLine;<h2>5&period; Your Wages Are Being Garnished<&sol;h2>&NewLine;<hr &sol;>&NewLine;<p style&equals;"text-align&colon; justify&semi;">If your creditors take a fraction of your paycheck to cover a debt directly from your employer&comma; wage garnishment is bound to occur&period; It’s your responsibility to take probable action to protect your financial investments when it comes to wage garnishment&period; But if it’ll be too late and your wages are being garnished&comma; you should consider filing for bankruptcy as per the law&period; However&comma; you need to be keen not to file for the same to prevent garnishment for domestic support obligations&period;<&sol;p>&NewLine;<p style&equals;"text-align&colon; justify&semi;"><strong>Conclusion<&sol;strong><&sol;p>&NewLine;<p style&equals;"text-align&colon; justify&semi;">Life could get difficult sometimes&comma; more so when you’re faced with a financial disaster&period; Paying for your mortgage&comma; bills&comma; and daily expenses become challenging&period; The decision of <a href&equals;"https&colon;&sol;&sol;www&period;uscourts&period;gov&sol;services-forms&sol;bankruptcy" target&equals;"&lowbar;blank" rel&equals;"noopener">filing bankruptcy<&sol;a> may be a nightmare&comma; especially when you’re not sure when it can be your best solution&period; Fortunately&comma; these signs should guide you know when it’s right to file for bankruptcy come for your rescue&period; You should consult a bankruptcy attorney to advise you on the legal steps to take&period; You can also look out for other relevant blogs to learn more about filing bankruptcy&period;<&sol;p>&NewLine;<p style&equals;"text-align&colon; justify&semi;">&NewLine;