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When should I file for bankruptcy?

For people struggling to make ends meet, it may be difficult to decide when to (or whether to) file for bankruptcy protection. For those unfamiliar with it, bankruptcy provides a way to eliminate troublesome debt and provide consumers with a fresh financial start.

Since many people have different issues leading to their financial dilemmas, there may be no specific "right" time to file for bankruptcy that applies to everyone. Some people are simply tired of all the creditor calls, and others have battled a long-term illness that has limited their ability to make a living. Whatever you may be going through, there may be some common points that you can identify with that signal the need for a change.

Your budget is no longer working - Cutting expenses and living through a budget can help many people avoid bankruptcy. But when this is not working, a bankruptcy petition may be necessary, as it may help you get back on your feet.

You are about to lose your home - If you are facing foreclosure, a bankruptcy could save your home. After all, a bankruptcy can stop all collection efforts, including foreclosure. However, timing is of the essence when it comes to stopping foreclosures.

Harassment from creditors - As we alluded to earlier, the automatic stay that comes after a bankruptcy petition is filed stops all creditor contact. If your particular creditors have claims that could be discharged (i.e.  medical debts, cell phone bills, and credit card debts), a bankruptcy petition can eliminate those debts.

The preceding is not legal advice. For additional information, contact an attorney. 

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