If You Are Considering Bankruptcy, Read This to Find Out If it is the Right Move For You

If you are being hounded by creditors for money you simply cannot afford to give them, or worse still, you are being sued by your credit card company, then there’s a good possibility that you are considering bankruptcy. There are a number of advantages to bankruptcy, that’s true.

First of all, it will be much more expensive to hire a lawyer to defend you against a credit company than it would be to declare bankruptcy. If you are considering bankruptcy it is also worth bearing in mind that you do get a 60 day period of filing in which you can “cool off.” During this time, you get to spend time considering bankruptcy and whether you really want to go ahead and also, your creditors are not permitted to contact you in this time. If you can settle the disagreement amicably with the credit card company during this period, then great. You can dismiss your bankruptcy petition. Otherwise you can go ahead and might even be able to have the debt wiped out.

But of course, it is a huge decision, bankruptcy, with some pretty big financial consequences which can impact your future. So you should consider it carefully. Here are some things that may indicate that bankruptcy is a good move for you:

1. You are living in a state in which creditors can apply for wage garnishment to be applied to your wages in order to make payments to them.

2. You don’t have any disposable income at all.

3. You are in arrears with mortgage or rent payments.

4. You are in arrears with your car finance company.

5. You have had a significant reduction, or even complete eradication of your income.

If two or more of those apply to you, then this would indicate, ordinarily, thank bankruptcy could be a very good move for you.

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