At What Point Do I Need To File Bankruptcy?

Life would certainly be easier if there were a certain amount of debt or amount of time spent in debt that signaled to us to file bankruptcy

. Unfortunately, there isn't. The decision to file bankruptcy comes from you.

There are requirements for debt when it comes to Chapter 13, but they mostly concern upper limits. To be eligible to file a Missouri or Illinois Chapter 13, your unsecured debts must be less than $336,900 and your secured debts must be less than $1,010,650.

So, if there is no stead fast rule on when to file, how do you know when to call a bankruptcy attorney? Ask yourself: "Am I facing a hardship right now?" If your financial situation is crushing you and your family, it is a good idea to look at options for relief. Does that mean that you have to file bankruptcy anytime you feel uncomfortable? No. Nonetheless, educating yourself on bankruptcy is a great idea.

Though it seems simple, the question I asked in the previous paragraph can be hard to answer. While there isn't an amount or period of time that tells you to file bankruptcy, there are some warning signs that you are getting in over your head with debt. Some of the warning signs include a wage garnishment, threat of repossession, need for protection from foreclosure, or harassing creditor calls. If your debt has gone this far, chances are that you need a solutionand quickly.

Even if you aren't at the end of your financial rope, you may benefit from being proactive. Will my financial situation improve by itself? Is your debt a temporary problem? If you answered no to these questions, a repo or wage garnishment may be in your near future. You don't have to sit around waiting for something bad to happen to you before you contact an attorney. What is the best way to stop you and your family from suffering these consequences? Get free information from the best attorneys in your area.

Don't forget, your situation won't change if you don't do anything about it. If you aren't sure whether you want to file bankruptcy, you aren't alone. Luckily, there is free information from great attorneys that can bring you some clarity. You should feel comfortable and knowledgeable before you even step foot into an office. The path to financial freedom is within your reach

by: Jim Brown

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