When to File Bankruptcy

Ninety-six percent of the people who consult with me just happen also to be candidates for filing Ch. 7 bankruptcy. This fact  has always been something that surprised me. Knowing if you qualify for bankruptcy and can file bankruptcy is not something you can figure out from the Internet.    How did these folks know
when to file bankruptcy?  How can you know when it is time to file bankruptcy?

A variety of ways.  Some realized it only after they had drained their retirement accounts trying to stay current on bills.  Others caught it when they were just starting to dip into their 401k and got an uneasy feeling about it.  Still others got really tired of the nasty phone calls from collection departments. For the badly harassed, some were losing sleep, their health - or, what feels worse, the health of a spouse - was declining. They worried about lawsuits, and some had already been sued.  The unluckiest of them had already had his or her wages garnished.

Chances are if you are feeling uneasy, melancholy, depressed or downright hopeless about your financial situation, you should go with your gut and get bankruptcy advice.  Your intuition is a really accurate barometer of which direction to take.