There may be nothing worse than being so far in debt that you can't get out from under it. Being in debt can affect all aspects of your professional and personal life. If you can't gain control of your finances, and debt collectors are banging at your door, you need to talk to an attorney about bankruptcy. Take a look at the list below. If any of the information applies to you, bankruptcy may be your best option right now.
All Other Avenues Have Been Exhausted
It's not easy to get out of debt. Even if you've attempted to get back on your feet, you might not be successful. If you've tried means possible to get out of debt, including debt consolidation or attempts at modifications, you need to talk to an attorney about the benefits of bankruptcy.
You Have High Credit Card Debt
Take a look at your credit report. If the bulk of your bad credit is comprised of high credit card debt, bankruptcy can help you get back on your feet. Credit card companies don't have to negotiate with you. Most credit card companies will work with you to come up with payment plans that can get you out of debt. However, if you have multiple high credit limit cards that have gone into arrears, even payment plans can be ineffective at getting you out of debt. If you can't get control of your credit card debt, bankruptcy may be your only option.
Creditor Phone Calls are Jeopardizing Your Job
Creditors don't care who they bother when they're attempting to collect on a debt. They may call you at all hours of the day and night, or make harassing phone calls to all the references you listed on your credit applications. They may even begin making phone calls to your employer. Unfortunately, calls to employers can jeopardize your employment, especially if they begin interfering with your ability to do your job. If creditor phone calls are jeopardizing your job, bankruptcy can put an end to the harassment. In fact, once you file for bankruptcy, creditors will have no choice but to cease all attempts at phone contact.
You're Facing Legal Action for Your Debt
You may think that ignoring the phone calls and the letters will make the problem go away. Unfortunately, that's not the case. In fact, ignoring the problem will only make things get worse for you. In fact, the longer you ignore the phone calls and letters, the more likely it is that you'll face legal action. If your creditors are filing lawsuits against you, in an attempt to collect on the debt, you need to seek legal advice as soon as possible. Filing for bankruptcy can put an end to those lawsuits once and for all.
Contact a bankruptcy law attorney for more help.