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Are you too far gone in debt?

Bankruptcy has the potential to help many people start over financially. However, issues such as perceived shame prevent some people from filing.

Another issue that keeps many from filing is the fact that they do not realize they are too far gone in debt. Living a certain way has become "regular life," and these people are too close to their situations to realize that things do not have to be that way.

Your mortgage or rent payments are less than the rest of your debt

If you are consistently paying more in credit card bills, student loans and the like every month than you are on your rent or mortgage, it is possible you are too far gone in debt to have a realistic chance of recovering without bankruptcy. This is especially true if you are making only the minimum payments on your credit cards or not much more than that.

The good news is that if you do file for bankruptcy, you may be able to keep assets such as your house and car. You might need to keep making payments on them, but the payments on your other debts should be greatly reduced or eliminated.

You have to pick and choose what to pay

Some months, you may have to pick between paying the electric bill and paying a credit card bill. Making such choices is difficult. The lights need to stay on, but a credit card can help pay for essentials. When you must make hard decisions every month about what to pay, you may be too far gone in debt.

There are many ways to get to the point of "too far gone." Perhaps you had a medical emergency or made a string of bad decisions when you were young. The point is that the debt is suffocating your life, perhaps to the point where you think it is a normal way to live. It does not have to be. Filing for bankruptcy can help you rebuild your finances, and enlisting the assistance of an attorney is one way to ensure that you keep all of the property you are allowed to.

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