Bankruptcy is a viable solution for many people who are struggling to make ends meet due to large amounts of debt or other financial burdens. People in this position often work overtime, multiple jobs, or cut out any extra expenses in order to get a handle on their monthly bills and minimum payments on credits cards or loans.
While a consumer bankruptcy is an option for some people, it may not be for everyone. If one or more of the following situations apply to you, then filing for bankruptcy may be the best solution for your financial problems:
- Facing increased interest rates and/or late fees due to late payments and bad credit
- Wages and income are being garnished
- Considering paying off debt with retirement savings or an emergency fund
- Already downsized things like a car, house, and other assets and still struggling to make ends meet
- Working multiple jobs or shifts to generate more income
- Using credit cards for daily purchases and still having an outstanding balance at the end of each month
There are long-term ramifications from filing for bankruptcy. Ultimately, you will need to evaluate whether bankruptcy is the right option for you. To make the most informed decision regarding your finances, it is important to work with an experienced bankruptcy attorney. An attorney can review your case and financial history and advise you on the best course of action.
Are you interested in learning more about a consumer bankruptcy? Reach out to the Law Office of John K. Turner today to schedule a free consultation with one of our attorneys.