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Signs it May be Time to File for Bankruptcy

There is no question that everyone wants to feel financially independent and safe. No one wants to have to go to their relatives or friends to help them pay their bills. They also don’t want to have to think about what may happen if they were unable to make their payments each month.

Unfortunately, for quite a few people, their finances don’t always remain stable, which means they may have to resort to filing chapter 7 bankruptcy as a means to help keep their home afloat. While most people would prefer to avoid this, if the circumstances are dire and the person has any of the issues highlighted below, then it may be the only option left to consider.

Only Minimum Payments can be Made on Credit Cards

If a person is unable to make more than the minimum payment on their credit cards because the money is needed for other bills, then their finances are considered extremely tight. As a result, they will need something that can help them get a fresh start. In many cases, a good option is to file for chapter 7 bankruptcy. This will provide the person an opportunity to get back on their feet.

Payments are Regularly Missed because the Person Can’t Afford Them

In some cases, a person may not be able to make any payments on their bills or credit cards. If a person finds themselves in this situation, they are in need of serious financial help. There is no reason to continue suffering. Instead, consider the bankruptcy options that are available. Hiring a bankruptcy attorney will help a person determine if this is the right course of action for their particular situation.

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Credit Cards have to be Used to Pay for Necessities

A person should have plenty of money coming in to pay their mortgage, utilities, car insurance, food and any other required bills. However, if they find they are having to use credit to cover the cost of these things, then they are likely in so much hot water financially, they need help to get out. Bankruptcy offers a way to do just that.

While there is no requirement that a person has to hire a lawyer to file for bankruptcy, their help and guidance can be beneficial. If a person is unsure whether or not this assistance is needed, they should consult with an attorney. This initial consultation is typically offered at no cost to the person who is seeking it and can help them learn more about what to expect.