The time to file bankruptcy is when your debt is taking over your life. You may be able to work out a payment plan with a creditor, but sometimes a person’s debt is so high that that repayment is virtually impossible. This situation is only made worse by constant creditor calls and/or garnishments to their wages and or tax refunds. Often creditors are so aggressive that debtors are afraid to answer the telephone which only adds to the stress of not being able to pay what is owed.
One large benefit to bankruptcy is that CREDITORS must STOP CALLING you once the bankruptcy is filed. Further, GARNISHMENTS STOP while the bankruptcy is pending. Assuming that the debt is discharged at the end of your bankruptcy, the calls and garnishments cease forever.
Although filing for bankruptcy may be daunting, it can help you get out from under insurmountable debt and help you rebuild your life.
The bottom line: If debt is ruining your life, it is time to consider filing for bankruptcy.
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