You may have just begun to experience financial difficulties, or you might have been suffering under the burden of heavy debt for some time. Regardless of how long you have been in debt, these challenges can be crippling. Like other Fort Lauderdale residents, you may wonder when enough is enough. At what point do you decide to stop struggling with your debt and file for bankruptcy?
The answer depends on each person's individual situation, but there are many common points that you can use as a basis to decide whether or not you are ready to file for bankruptcy. According to NerdWallet, Chapter 7 or Chapter 13 bankruptcy might be good options if the following points apply to you:
You have already made attempts to negotiate with your creditors. Perhaps some of your lenders were willing to work with you on a payment plan you could afford, but others were not so flexible. Or you might owe so much that no amount of negotiating will make much of a difference in reducing your monthly bills.
You owe more than you can reasonably pay each month. You feel helpless, as if you are drowning in debt. You might be considering consolidating your credit cards, or you could be relying on your cards for necessities.
You estimate that paying off your debt would take five years, at least, or you do not know exactly how much money you owe. You might be in danger of losing your home or having your wages garnished. Some of your creditors may be calling or sending collection notices on a regular basis.
This list is by no means a complete one, and bankruptcy might be an option for you no matter how many or few points you can identify with. Because personal bankruptcy issues can be complex, this information should not take the place of a lawyer's advice.