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Signs bankruptcy is your best bet

Overwhelming debt is a common problem not limited solely to the Memphis area. People across the country are underwater due to trying to make ends meet. The combination of low wages and continuously increasing living expenses is generally responsible for the mounting debt problem.

While many people view bankruptcy as failure and are afraid of what their friends and family might think, you should instead look at it as a tool for repairing your financial situation. When debt gets so out of control that you are using one credit card to pay off the one you used to buy groceries, it is time to consider some real options to climb out of the cycle. Read further to learn about the signs that it might be time to declare bankruptcy.

You have completed credit counseling

Typically, one of the requirements for filing bankruptcy is that you have to complete a credit counseling program through an organization that has government approval. These programs will often help people take stock of their financial situations and examine various options for paying down the debt. If you have attended such a program and bankruptcy seems like a possible option, then it might be the best course of action for you.

You have examined other options

There are many options available for debt relief, but in some cases, they will not solve the problem. If you have looked at other debt consolidation plans and you do not have the means to provide collateral or handle the additional costs, then bankruptcy might truly be your only option.

You are insolvent

If your debts far outweigh your income and the value of any assets you might own, then you are insolvent. If there is no way to pay both your debt and living expenses, you may not have any other choice than to file for bankruptcy.

You meet the requirements

Both Chapter 7 and Chapter 13 bankruptcy have specific requirements you have to meet in order to be eligible. It is possible that you might meet the requirements for Chapter 7, but not Chapter 13 or vice versa. Once you determine if you meet the specifications for bankruptcy, it may be time to start the filing process so that you can get your debt under control.

By filing for bankruptcy, you may be able to reduce your debt to a manageable level while saving yourself from aggressive collection agents that keep calling. If you are overwhelmed by debt, bankruptcy may provide the relief you need.

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Ben Sissman, Attorney at Law
44 North Second Street, Suite 403
Memphis, TN 38103

Phone: 901-730-4958
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