The Cassidy Law Firm Blog

Saturday, November 13, 2021

Signs You May Want to File for Bankruptcy

It has been a rough few years for our country and the rest of the world. The pandemic put a strain on us as few could have predicted. Among other burdens many of us have carried during this time, financial pressure may be among the biggest and heaviest. If you have found yourself in a place where you are struggling to pay the bills and keep up with minimum payments on outstanding debt obligations, bankruptcy may be your light at the end of this financial pitfall of a tunnel. It is a big decision to file bankruptcy, but it can provide you with the financial relief you need. Here are some signs that you may want to file for bankruptcy.

Signs You May Want to File for Bankruptcy

If there has been a triggering reason for your financial hardships, such as losing a job or having a family go through serious medical problems that extend beyond insurance coverage, then this may be a sign to consider bankruptcy. There are a wide variety of events that can mark a steep decline in financial being, job loss, medical problems, and divorce, being among the most common reasons for financial struggles. It often only takes one such major life event to set a person back financially to a place that seems next to impossible to recover from.Take a look at your savings. Has it been exhausted or nearly exhausted? This can be another sign that you may want to file for bankruptcy. If you have spent your savings and are struggling to pay for everyday necessities, then bankruptcy may be your best option. When you are charging everyday expenses, needing to borrow from friends and family members, or taking out loans to pay off other debt obligations, it can be an uphill battle to try and catch up on your debts let alone get to a place where you can cover your everyday expenses and build up your savings again.

If you are avoiding phone calls or not opening your mail because you are afraid of being contacted by your creditors, this is another sign that you may want to file bankruptcy. In fact, did you know that these letters and calls will stop as soon as you file? It’s true. Filing bankruptcy puts an immediate stay on being contacted by creditors. It can be a big relief just to start the process.

Experiencing some of the more severe symptoms of anxiety such as loss of sleep can also mean it is time to seriously consider filing bankruptcy. If you have poured over, weighed, and worried about your financial options, bankruptcy may be your best option. It is at least time to investigate bankruptcy as an option and get more information about the process and what it can achieve for you.

New Jersey Bankruptcy Attorneys

Are you desperate for a fresh financial start? Bankruptcy may be the answer to your financial problems. Talk to the knowledgeable team at Cassidy Law Firm about what bankruptcy can do for you and get ready for a new financial chapter of your life. Contact us today.


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