It’s a tough decision to declare bankruptcy, but it’s much harder to accept the reality that you may soon have no choice but to start thinking about it. Filing for bankruptcy allows you to start over financially without having to worry about any of your past mistakes. There are, however, certain downsides to the procedure. To what extent may a reevaluation of one’s financial priorities prevent the need for bankruptcy, and when might filing be unnecessary? Cosider discussing your case with certified lawyers at Benenati Law Firm.

To the point that you stop even opening your mail

When people are deeply in debt, they may avoid opening the mail altogether or pile up stacks of unopened mail on the kitchen counter. They are well aware that the majority of the mail sent to collection agencies is due to past due bills. It may be time to consult a bankruptcy attorney if you have stopped checking the mail or have begun to disregard any correspondence that does arrive.

Creditors are Putting You Through Hell.

Harassment by debt collectors is illegal under the federal Fair Debt Collection Practices Act. They are not permitted to contact you at unreasonable times, including many times per day or in the wee hours of the night. Unfortunately, not all debt collectors are ethical. If debt collectors or creditors are bothering you, you can take legal action, but this is probably also a hint that bankruptcy is the best option.

You can expect an immediate stay from your creditors once you file for bankruptcy. There will be an immediate end to calls from creditors and debt collectors once the stay is imposed.

You Cannot Meet Your Needs With Your Current Income

It is probably time to file for bankruptcy if your income does not support your present costs and debt. It will be difficult to get back on track if your income is not increased to the point where it can pay all of your expenses. Most unpaid expenses, including medical bills, credit card balances, and utility overdue fees, can be discharged in bankruptcy. This may be the first step in helping you get back on track and ensure that your income is sufficient to support all of your expenses.

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