Deciding whether bankruptcy is right for you

On Behalf of | Oct 9, 2019 | Bankruptcy

Facing financial struggles is not necessarily uncommon. Each year, many people in Connecticut will probably feel frustrated over an unexpected bill or a paycheck that was less than expected. These situations might only be brief, but for some people, the financial struggles never seem to end. While bankruptcy is often an effective solution to those struggles, deciding whether to file requires a careful evaluation of an individual’s financial situation.

There is no bankruptcy checklist that a person can compare his or her situation against. Still, there are several indicators that bankruptcy might be the right choice. For example, if a person has exhausted virtually all of his or her money and is using credit cards to cover daily expenses, taking action is essential. Going further into debt will only exacerbate that person’s financial problems.

Maybe a person has just enough to cover his or her essential expenses, but nothing left over for anything else. This individual may be months behind on payments for credit cards, medical bills and more. A person in this situation must evaluate whether he or she could realistically become current on payments. If not, bankruptcy is an option.

Having a place to live and a reliable means of transportation is important for Connecticut residents. A person facing eviction, home foreclosure or repossession of a vehicle is in a precarious situation. Filing for bankruptcy can be very helpful in this situation. Just filing will make any of these actions temporarily stop.

Whether a person is dealing with one of these situations, several or something else entirely, it is never a bad idea to at least consider the benefits of bankruptcy. Discharging debt can entirely change the course of a person’s life, steering him or her back towards a future that is financially secure. Those who are still not sure about what they should do may want to consider speaking with experienced bankruptcy attorneys.