Life sure would be easier if there was a clear point where we though "Hey! That's too much debt! It's time to file bankruptcy!" Debt just isn't that easy. Filing bankruptcy is a personal decision, of which the timing is solely up to you.
There are requirements for debt when it comes to Chapter 13, but they mostly concern upper limits. To be eligible to file a Missouri or Illinois Chapter 13, your unsecured debts must be less than $336,900 and your secured debts must be less than $1,010,650.
So, if there is no stead fast rule on when to file, how do you know when to call a bankruptcy attorney? Ask yourself: "Am I facing a hardship right now?" If you find that your debt, no matter the amount, is causing you frustration, confusion and stress, it is probably time to look at your options for relief. Does that mean that you have to file bankruptcy anytime you feel uncomfortable? No. However, there is nothing wrong with getting more information to find out if bankruptcy is the right move for you.
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Though it seems simple, the question I asked in the previous paragraph can be hard to answer. While there isn't an amount or period of time that tells you to file bankruptcy, there are some warning signs that you are getting in over your head with debt. Some of the warning signs include a wage garnishment, threat of repossession, need for protection from foreclosure, or harassing creditor calls. If your debt has gone this far, chances are that you need a solution—and quickly.
Even if you aren't at the end of your financial rope, you may benefit from being proactive. Will my financial situation improve by itself? Is your debt a temporary problem? If you responded "no," you may not be far from a foreclosure or repossession. You don't have to wait for these things to happen before you decide to call a bankruptcy attorney. In fact, the best way to stop these things from ever occurring is to educate yourself with free material from great attorneys in the area.
Don't forget, your situation won't change if you don't do anything about it. If you aren't sure whether you want to file bankruptcy, you aren't alone. Luckily, there is free information from great attorneys that can bring you some clarity. You should feel comfortable and knowledgeable before you even step foot into an office. The path to financial freedom is within your reach
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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