Paying bills isn't anyone's favorite activity but it is a necessity of life. Some people are even more upset about having to do this each month. These are the people who have more bills than they have money. They are the ones who have high credit card balances, medical bills and other similar debts.
As scary as it might be for a person who is constantly hemorrhaging money on bills, now is the time to sit down with these bills and determine exactly what you owe. You might come to realize that, even without any fault of your own, you owe a lot of money. At this point, you might wonder if you should file bankruptcy.
Filing bankruptcy is a tough decision. Even if you don't want to file, there are some good reasons that you might need to seriously think about moving toward filing so you can have a fresh financial start. These are some signs that it is time for you to make this tough decision:
- Your wages are being garnished.
- Debt collectors are suing or threatening to sue.
- You are on track to lose your home.
- You can't pay for life's basic needs.
- You're unable to save money.
- You dread answering the phone or opening mail because of bill collectors.
- You can't sleep because you are thinking about debts.
If you now realize that you need to file, don't wait any longer. Evaluate your bankruptcy options so that you know which chapter is the most appropriate for your needs. The first step might be the most difficult, but you will soon be on the way toward a more solid financial future.