There are many circumstances that could leave you in a tough financial position and made you wonder at least once before if bankruptcy is right for you. The truth is, bankruptcy isn’t a simple fix and it is not for everyone but if you are in the right situation, it can help to lift a tremendous burden off of your shoulders. However, if you have reached the point where your credit card bills’ minimum payments and monthly expenses exceed your take home income, then there is a problem.
In this situation, you obviously can’t afford to pay all these bills every month so you end up prioritizing them. You will focus your money on necessities such as food but will let “non-necessities” take a back seat to your wallet. This means that bills will go unpaid and will begin to grow. Creditors will call you, utilities will be shut off, phones will be disconnected, cars will be repossessed, foreclosure notices will be sent, and you are left feeling hopeless. This is where bankruptcy can come in and alleviate these financial burdens so that you can be able to afford your monthly expenses. After thinking about your financial situation, if you think that bankruptcy may be right for you, you now must determine which chapter of bankruptcy would work best for you.