If you are suffering financial hardship, you may be wondering whether or not you must file for bankruptcy. If you are not sure, consider speaking with a Charleston, WV bankruptcy attorney. The lawyer can help you understand your debt relief options. If you don’t want to endure months of creditor harassment, you should not substitute sound advice from a reliable bankruptcy attorney with misinformation from friends and family members. Your attorney will also help you determine the signs it is time to file for bankruptcy including the following:

Your Credit Card Debt is Going Through the Roof

Credit cards can be useful to finance your lifestyle. But, you may end up paying the minimum balance for a few months only to have the total amount snowball. When your credit card balance surpasses a threshold, it may no longer be possible for you to pay the entire balance. So, if your credit card debt has gone unmanageable, speak with a bankruptcy lawyer. In general, credit card debt is unsecured and can be discharged in Chapter 7 bankruptcy. 

You Are Losing Your Home to Foreclosure

You must speak with a Charleston bankruptcy attorney if you are in this situation.  A bankruptcy lawyer can save your home from foreclosure by filing Chapter 13 bankruptcy. When your bankruptcy petition is filed with the court, you won’t have to worry about the foreclosure as it will be stopped. The filing serves as an injunction against any collection activities, including foreclosures and repossessions. In Chapter 13 bankruptcy, you can keep your home while you catch up on late mortgage payments. 

You Are Paying Your Bills with Loans

You can take out a loan for funding higher education or a major purchase. Also, it can help you build a good credit standing as long as you pay it responsibly. However, you should not take out a loan to pay your monthly expenses. Otherwise, this means your expenses outweigh your income. Whether you borrowed money from a bank, family member, or friend, if you need loans to cover your monthly costs, it might be time to see a bankruptcy attorney. 

You are Borrowing from Your Retirement

Never borrow from your retirement accounts to repay debts you can take care of in bankruptcy. Rather than taking years to repay your dischargeable debts, consider using your money and time to save for retirement. Talk to a bankruptcy attorney in Charleston, so you can understand how bankruptcy can help you with your situation.

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