How To Determine If Filing For Bankruptcy Is Best For You

The thought of filing for bankruptcy can be scary and stressful if you don’t have the right information. You should realize that Millions of Americans have started a new life by filing bankruptcy. Most likely several of your friends, neighbors, and co-workers have already filed bankruptcy and are on their way to financial recovery.

Below are a few questions you should ask yourself to determine if bankruptcy is an appropriate course of action.
  • Are you paying more than 25% of your family take-home pay to creditors?
  • Are you juggling credit payments and accumulating late fees by not paying?
  • Have you opened a new credit card account to pay off a higher-interest old one?
  • Have you taken a credit card cash advance to pay bills?
  • Are you making minimum monthly payments on more than one credit card?
  • Have you put off paying bills because of an unexpected expense?
  • Are you still paying for holiday gifts purchased more than one year ago?
  • Have you refinanced your house in order to “catch up” on your credit bills?
  • Are you arguing more about money than you did a year ago?