Signs It May Be Time to File Bankruptcy

When debt is bearing down, some are hesitant to consider bankruptcy as an option, likely because of the stigma which has been unfairly associated with filing. However, the fact remains that bankruptcy  is sometimes the necessary route for paving the way to a strong financial future. Keeping this in mind, debtors should be aware of signs that point to bankruptcy as the best option for remedying a poor financial situation. A West Palm Beach bankruptcy attorney will have no trouble recognizing such signs, and our knowledgeable team is sharing them with struggling debtors everywhere.

1. Struggling to See a Light at the End of the Tunnel

Someone who is consistently falling short on making payments, in spite of hopes that tomorrow will be the day to catch up, could definitely benefit from speaking to a West Palm Beach bankruptcy attorney. If payments are unable to be adjusted to fit within the borrower’s budget, bankruptcy may be the best option. Nobody should have to live in the claws of unescapable debt.

2. The Walls Around a Debtor Are Crumbling

If a borrower’s home is at stake, bankruptcy can be a reliable means of getting payments back on track. Through bankruptcy, a mortgager can increase his chances of avoiding foreclosure by either erasing debt, securing a more favorable repayment structure, or easing the strain on his budget by eliminating other debts. Eliminating other debts will allow the homeowner to stay current on his mortgage obligation.

3. The Borrower’s Future Is Being Affected

If today’s bills are impacting a debtor’s financial stability, bankruptcy should be considered. For instance, an individual depleting her retirement funds to keep up with creditor payments is only setting herself up for future struggles. Especially if this person is a senior, alternatives like bankruptcy can be an excellent solution for overcoming today’s debts without jeopardizing one’s life savings.

If you are considering filing for bankruptcy in West Palm Beach, it is advisable to discuss the decision with an experienced bankruptcy attorney first. Our team can guide you through the process and recommend the appropriate chapter for your situation. Call our office today to set up a consultation and get started.