The mere idea of filing for bankruptcy might make you feel nervous and worried about the future because you think the court will take away everything you owe. Most people who file keep their homes as well as their vehicles and personal property that they owe. You can show proof that you need your car for work or other commitments during the proceedings. If you aren’t sure if you should file, you can look at some simple signs that indicate filing for bankruptcy is a smart choice.
You Receive Harassing Phone Calls
New federal laws limit how often bill collectors can call you and even between what hours they can call. That doesn’t mean that all debt collectors follow these laws though. You might get calls from the moment you wake in the morning to the minute you climb into bed at night. Some companies now use software that makes it look like they are calling from other numbers like police stations or your loved ones’ homes too. Filing for bankruptcy can help you stop those calls.
Minimum Payments Keep Climbing
Even if you owe just a few thousand dollars and make the minimum payments each month, it can take decades before you pay off your debts. The less money you send in each month, the more the monthly payments will climb. If you keep adding to that debt, it will take even longer for you get free and clear. After working with a bankruptcy attorney St Louis residents just like you had the chance to start over again. Depending on the type of bankruptcy that you file, you may even walk away from the proceedings with little to no debt attached to your name.
You Owe More Than You Could Ever Pay Back
Before meeting with an attorney, sit down and make a list of all the debt that you owe, including child support payments you fell behind on and student loans you still owe. Compare the total amount you owe to the amount you bring home each month to determine how long it will take for you to pay off that debt. If you discover that you cannot pay off that debt before you die or within a reasonable amount of time, you might decide to file. Filing for bankruptcy with help from a local attorney can help you take control of your life.