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How do I know if it is the right time to file for bankruptcy?

You have felt overwhelmed by your debt for a while, but so far have barely kept your head above water. Even so, you know that this is no way to live. Whether you are suffering from insurmountable credit card debt, medical bills, a second mortgage or a combination of different types of debt, you might wonder when to seek help. If so, you are not alone. Many Florida residents are unsure when they should consider filing for bankruptcy.

You might decide to put off a personal bankruptcy until you fear you will lose your home. However, there are other signs that may let you know well in advance of a foreclosure that bankruptcy might be a good option for you. They can include the following:

  • It has become difficult or impossible to make ends meet. If you are having trouble paying your bills each month, you can certainly consider options that may lighten your load.
  • Collection agencies are threatening to sue you or have already taken legal action to collect what you owe them. Understandably, this can be extremely stressful.
  • You are facing wage garnishment. Almost nothing can be worse during financial problems than having a portion of your paycheck taken out to satisfy creditors when you are trying to support your family.

When you file for bankruptcy, you receive an automatic stay that immediately stops collection action and wage garnishment against you, except in the case of child or spousal support. This can give you an emotional, as well as financial, break while the bankruptcy court determines if you are eligible for Chapter 7 or Chapter 13 bankruptcy.

You should not have to face these monetary hurdles on your own. If the above points pertain to your situation, it may be time to speak with an attorney about filing for bankruptcy.

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