Signs That It Is Time to Start Thinking About Filing for Bankruptcy

 Posted on March 16, 2023 in Qualifying For Bankruptcy

If you are struggling to make consistent payments on your debt-related financial obligations, you may or may not be in a position to benefit significantly from filing for bankruptcy. Certain bankruptcy alternatives are preferable for debtors who are facing unique circumstances, such as struggling to repay a single account. But, generally speaking, if you are unable to consistently repay multiple accounts, your wages are being garnished, you are risking repossession or foreclosure, or you simply cannot sleep at night due to debt-related stress, it may be time to start thinking about filing for bankruptcy.

There are numerous reasons why your financial situation may benefit significantly from the bankruptcy process. Overwhelming debt can lead to relationship strain, poor work performance, and a host of other challenges that color virtually every aspect of someone’s life. If your debt has become the most urgent aspect of your finances, chances are good that you could benefit from filing for bankruptcy.

Chapter 7 Bankruptcy

If you do not earn much income and a significant fraction of your debt is unsecured, Chapter 7 bankruptcy may be a great option for you. This opportunity would allow you to discharge credit card debt, medical debt, and other qualifying unsecured debt obligations without having to enter into a lengthy repayment agreement. Unburdening your finances from dischargeable debt can free you to redirect your income to cover the essentials for your family and pay down debt that is not eligible for discharge.

Chapter 13 Bankruptcy

If you earn a decent income and you could catch up on your debt obligations if only your repayment amount due every month was more manageable, Chapter 13 bankruptcy could help you to get back on track. Similarly, if you are trying to save your house from foreclosure and you could use some time to catch up on overdue mortgage obligations, this opportunity could help you to remain in your home.

Contact a Compassionate San Antonio Personal Bankruptcy Lawyer Today for More Information

It is not always easy to know whether filing for bankruptcy is the best solution for an individual’s financial circumstances. Seeking legal guidance can help you to make an informed decision that is uniquely tailored to your situation and goals. Get started today by scheduling a free, confidential case evaluation by calling our team at 210-342-3400 or by connecting via our website.

Chance McGhee, a knowledgeable San Antonio, TX bankruptcy lawyer at Law Offices of Chance M. McGhee, has extensive experience assisting hard-working people like you to regain control of their finances. Should you choose to move forward with the bankruptcy process, we can vigorously represent your interests so that you can begin building a solid financial foundation for the future. We look forward to speaking with you.

Source:

https://www.uscourts.gov/services-forms/bankruptcy/bankruptcy-basics/discharge-bankruptcy-bankruptcy-basics