Making the decision to file for bankruptcy is never something to be taken lightly. Mountains of debt, looming interest, unpaid medical bills – all of these can add up and seem insurmountable to millions of Americans each year. If you have found yourself struggling with debt, you are no doubt looking for a solution. Maybe you have been avoiding filing for bankruptcy because you do not want that stain on your credit, but the question you need to ask is, “Should you file for bankruptcy?”
If you have been paying and paying on your debts and are still not seeing a dent in your balances, it is time to consider filing for bankruptcy. If your debt is so large that you cannot afford to pay it off, in full, over the next 36 months, bankruptcy is an appropriate consideration. Similarly, if your budget does not leave room for you to pay the minimum payments on unsecured debts, bankruptcy is an appropriate consideration. Talking with an attorney that specializes in bankruptcy will help you determine if bankruptcy is your best solution.
If you are raiding your retirement funds in order to pay off debt, then you should consider filing for bankruptcy. The older you are, the more risk is involved from taking money out of your retirement funds to pay down debt. When you invade your own retirement funds you are robbing yourself from your own money. It is important for everyone to understand that borrowing money from a retirement account to pay off debt can cost a person far more money than the money they would save from paying off debt faster.
If you are supporting a family and you are in debt up to your eyeballs, it is time to consider filing for bankruptcy. Children, a disabled spouse, and elderly parents can all suffer from your insurmountable debt. The larger the number of people who are dependent on you, the higher your likelihood of needing more money and the higher likelihood that you will “drag them down with you.”
If you are upside down on your home, it may be time to consider bankruptcy. It is estimated that 7 million Americans remain underwater on their mortgages. Bankruptcy is one way for homeowners to find relief from their large debt.
At Boudreaux Law Firm, we are happy to assist you. If you are in debt and are wondering whether or not you should file for bankruptcy, please call our practice today. We can help you make the most responsible decision regarding your finances, your family, and your future.
Posted on behalf of Boudreaux Law Firm