A lot of times people don't even know whether or not bankruptcy is an option for them. For some people it's more obvious. If you are currently experiencing any of the following, it would be a good idea for you to talk to a bankruptcy attorney:
Harassment by creditors
Running behind on bills
For others it might be less clear that bankruptcy is something they should at least consider. Even if you are current on all your bills, you may feel like there is no end in sight to your debt problems. A lot of people are "robbing Peter to pay Paul" and simply shuffling their debt around. This house of cards is bound to fall!
If you are just scrapping by and making the minimum payments on your credit cards, you may feel like you are making it. However, how long do you think it will take you to pay off your debt? If you never pay more than the minimum, you will most likely NEVER pay off the debt. You are stuck in a debt trap. This is where the banks LOVE to have you...only paying interest and not paying down any principal balance. Banks make BILLIONS of dollars a year off of the backs of consumers who only pay the minimum payments. They collect the interest and fees, but the debt never goes away.
Here's a dirty little secret from the financial services industry. They INTENTIONALLY lend people more money than they know people can pay back. Why would they do this? Because even if they never get paid back in full... the bank still makes money. They know this... they've run the numbers. The banks are not dumb. They know that by the time someone pays high interest, fees and penalties for several years they are going to make big money... even if the debtor never pays back the debt in full.
Are you stuck in a debt trap? Sit down and run your own numbers. Is there any reasonable likelihood that you can completely pay off your unsecured debt (not secured by a house or car) in the next few years? If the answer is no, give me a call. There's no charge to discuss what your options are to find out how you can break free from the trap of debt.