Is Now the Right Time to Think About Bankruptcy?

Is Now the Right Time to Think About Bankruptcy?

Are you feeling weigh down by the pressure of your debt? Does it feel like your debt is right there with you everywhere you turn? Does it seem like no matter what you do to get out from underneath that pressure that you just can’t do it alone? It can be extremely difficult to live in debt. Debt never takes a day off and it never sleeps. It doesn’t even take any small rests. It is there every step of the way. So what can you do to get out from underneath this awful feeling? Have you thought about filing for bankruptcy?

Bankruptcy can be a very scary proposition and most people consider the idea of bankruptcy only as a worst-case scenario option that they would rather never have to consider. For many others, bankruptcy carries a stigma with it that represents failure. However, the truth is, for many people bankruptcy does provide a real solution to overcome their overwhelming debt. So when is a good time to actually consider bankruptcy as an option? The fact is many people end up in financial hardships for a lot of reasons and many times the debt they face is out of their control.

For example, if you suddenly go from a job that pays you $100,000 a year to a job that pays you about $40,000 a year, through no fault of your own, then the debt you have could force you to consider bankruptcy. This should not be considered a failure. Filing for bankruptcy could give you time to get back on your feet and perhaps find a better-paying job. Another time to consider bankruptcy is when you face overwhelming medical debt. Many people face serious illness, which can lead to huge medical bills and debt. Filing for bankruptcy can be a good way to protect your assets and get your debt under control.

There are so many unexpected situations in life that can lead to uncontrollable financial troubles for just about anyone. The bottom line is if you have overwhelming debt that you can’t manage yourself then you should consider bankruptcy. Every situation is unique, however, which is why you should speak with a Merrillville bankruptcy attorney before you do anything else. Please contact the Whitten & Whitten by clicking here or by calling us at 219-756-0555. We will explain your options and help you make the best choices for your given circumstances.