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Debt Consolidation Forums Bankruptcy Chapter 7 and Chapter 13 forums

When is the right time to file for bankruptcy?

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When is the right time to file for bankruptcy? Some says it should be the last option whereas, I've seen some videos where they say it's a good option. I'm confused.

Yes, bankruptcy should be the last resort. However, the decision depends on how intense your financial hardship is.

If the person has good earning, then he/she can avoid bankruptcy by considering professional debt relief service?

Sub: #1 posted on Wed, 06/21/2017 - 06:01

sanderspatricia29 sanderspatricia29

(Posts: 1234 | Credits: )

Before thinking of filling bankruptcy, ask yourself few questions to assess your financial status:

1. Are you able to make only minimum payments on your credit cards?
2. Are collection agencies trolling you too much?
3. Do you use credit cards too much to pay for necessities?
4. Are you unsure how much you actually owe?
5. Have you ever considered debt consolidation service but failed to keep up?

If your answer is "yes" to 3 or more questions, you can think of filling bankruptcy. But if you have the slightest chance of putting things back by considering a professional debt help program..just give it try!!

Sub: #2 posted on Wed, 06/21/2017 - 06:53

tiarajoseph11 tiarajoseph11

(Posts: 467 | Credits: )

Bankruptcy is a good options due to the following reasons:

Automatic stay is imposed
You can postpone foreclosure
Your credit utilization ratio can increase
You can avoid lawsuits

Sub: #3 posted on Thu, 06/22/2017 - 03:03

(Posts: 3937 | Credits: )

If you are confused, it is better to consult a financial advisor.

Sub: #4 posted on Thu, 06/22/2017 - 06:43

Good Nelly Good Nelly
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