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Why bankruptcy may be your best option
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Why bankruptcy may be your best option

On Behalf of | Oct 22, 2020 | Bankruptcy |

When you start to lose control of your finances, it may keep you up at night. If you are experiencing an ongoing furlough from work or worrying about the eventual end of your unemployment payments, you may feel particularly fearful of the future. 

Like many facing similar uncertainties, you may be looking into your options and thinking about whether filing for bankruptcy might help you regain control over your affairs. Bankruptcy takes time and effort, but it may be able to help give you the fresh start you desire. Bankruptcy may be an option worth devoting careful consideration to if your situation meets any of the following criteria. 

You have bills in collections

Having creditors hound you to collect what you owe them is unnerving and annoying. If you have debts that have moved to collections and you are unable to pay them back, bankruptcy’s automatic stay offers some relief. The automatic stay is a period of time that starts when you begin your bankruptcy case. While your case is ongoing, credit card companies and many other creditors must stop contacting you. 

You had a recent major change in life circumstances

Certain major life events, such as illness and job loss, have the potential to throw your finances into turmoil in an instant. If you do not have a substantial emergency fund to draw upon when you face sudden medical expenses or lose your income, your situation may become even direr as your bills continue to add up. Bankruptcy may be able to help you restructure or otherwise get a handle on your debts when you feel you have limited options. 

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