By: LISA R. WILSON

No doubt about it, we are living in tough economic times. But has managing your finances become so difficult that you should consider filing for bankruptcy?

Although some bankruptcy claimants are deemed as credit abusers and/or considered financially irresponsible, many hardworking individuals and businesses can succumb to financial difficulty and face irreparable economic crisis. Bankruptcy is designed as a legal option to help resolve such a crisis, and act as a financial life preserver for those drowning in debt.

Deciding to file for bankruptcy is a difficult decision. Valuable factors to consider are your alternatives, the type of bankruptcy that is best for you, and which debts will be discharged if you file bankruptcy. The most common reasons for filing for bankruptcy are unemployment, large medical expenses, overextended credit and other large unexpected expenses.

If more than two of the following signs apply to you, you are probably in too much debt and should consider filing for bankruptcy:

  • You have begun charging to your credit card essential expenses like food and daily expenditures
  • You are making only the minimum payments on your credit cards each month
  • You are near the limit of your credit cards
  • You have too many credit cards
  • You are unsure how much money you owe creditors

Filing for bankruptcy is a personal decision that needs to be considered thoroughly. For more information about filing for bankruptcy, contact a qualified bankruptcy attorney in your area today.

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