For those that are struggling financially, filing for bankruptcy is usually the last option on the list. What many people don’t know is filing for bankruptcy is one of the most reliable forms of debt relief today. Here are 5 reasons why:
1. Maxed Out Credit Cards
Although using your credit card to improve your credit rating is beneficial, having to rely on it for everyday purchases can be a problem. Once your credit cards have reached their limits, if you find yourself only paying the minimum or even opening new credit card accounts, a Chapter 7 bankruptcy could be exactly what you need.
2. Creditors are Hounding You
Filing for bankruptcy is the best solution to keep creditors from harassing you. They are able to call your cell phone, your home, and even your place of employment, adding more unnecessary stress to your everyday life. When you file for bankruptcy, however, you are protected by “automatic stay,” and creditors or loan servicers are no longer allowed to contact you about your debts.
3. Your Savings Have Run Dry
Making the decision to use your savings to pay your bills or everyday expenses is never an easy decision to make. Without that extra money tucked away, it can make you feel uneasy about your future financial stability. Bankruptcy could be the solution if you are still facing debt even after using your savings.
4. You Need to Borrow Money for Bills
Exchanging debt for more debt is never the most desired situation to be in, but for many people, it’s their only option. Taking out a loan or even borrowing from a friend or relative requires that the money be repaid eventually, and filing for bankruptcy can give you the chance to finally be debt-free.
5. You are Facing Foreclosure
Missing mortgage payments can only lead to one thing, losing your home. If negotiations with your lender are unsuccessful and you are facing foreclosure, a Chapter 13 bankruptcy could help save your home.
Contact Our Attorneys Today!
If you are having difficulty paying your debts, the good news is you don’t have to go at it alone. If you aren’t sure whether filing for bankruptcy is the best choice for you, our team has the understanding and the insight to point you in the right direction.
If you are battling consistent debt, the team at Holston & Huntley, LLC is ready to help. Give us a call at or get in touch through our website to set up a free consultation!