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Recognizing signs that you may need to file for bankruptcy

You may have suffered financial setbacks for months or years and considered a Chapter 7 bankruptcy for a fresh start, but well-meaning friends and family members have told you that bankruptcy should be avoided at all costs. However, our team at the law offices of Lonneman & McMahan PLLC, understand that in many cases, bankruptcy can help Kentucky residents get back on their feet and remove the stressful burden from their shoulders.

First, you may wonder when the best time is to file for bankruptcy. Do you do so at the first sign of financial trouble, or should you wait until you can barely keep your head above water? According to Smartasset.com, several signs might point to bankruptcy being a good option. They may include the following:

  • You have difficulty making ends meet each month or cannot pay all your bills. Juggling your monthly expenses is a sure sign that you need outside help.
  • Your wages are being garnished or you have received notices that they are about to be garnished. Having part of your paycheck taken out to pay your creditors may worsen your financial burden.
  • You are being harassed by collection agencies and told that they are about to take legal action against you.

A Chapter 7 bankruptcy may discharge many of your debts, including credit card and medical debt, which may reduce your stress and make it possible to meet your monthly expenses. Rather than something you should avoid or be afraid of, bankruptcy can give you a brighter financial future, as our bankruptcy page explains.

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