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4 Main Reasons to File for Bankruptcy

4 Main Reasons to File for Bankruptcy

While bankruptcy may have an immediate impact on your credit, it can be the most viable solution for people who are struggling to make ends meet every month. If you have high interest credit card debt or loans, and can’t seem to get caught up on monthly payments, you may qualify for a bankruptcy. If one of the following situations applies to you, it is important to work with a bankruptcy attorney at Law Office of John K. Turner.

  1. You spend more than you earn each month: If the total cost of your debt, monthly bills like rent and utilities, as well as food and clothes, cost more than your monthly income, a Bradenton bankruptcy may be the best way to create a more manageable financial situation for you and your family.
  2. You skip paying certain bills each month: If you are not making enough money to pay all your expenses, you may skip paying certain bills each month in order to have money for the basic necessities like food and shelter. Ignoring your credit cards or loans, however, can deeply damage your credit and end up costing you more in the long run from compounding interest and late fees.
  3. Your minimum payments are unmanageable: If the minimum amount you owe on each debt per month is unaffordable for your current income, it is definitely time to speak with an attorney about whether bankruptcy is a feasible option for you.
  4. You receive frequent phone calls from creditors and/or collection agencies: If you have failed to make your minimum payments each month, creditors will either begin to call or they will pass your information over to a collection agency in order to collect on your debt. Receiving frequent calls from collection agencies is a good reason to consider filing for bankruptcy.

Being in a financial crisis, like these situations above, is very scary and frustrating. If you would like a fresh start, contact a bankruptcy attorney at Law Office of John K. Turner for a free case evaluation. We will closely review your situation and determine if a bankruptcy is the best solution for you and your family.

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