Is Bankruptcy the Best for Option for You? Tips for Garner, North Carolina Consumers Deep in Debt

Submitted by Rachel R on Tue, 06/28/2016 - 10:45am

Is Bankruptcy the Best for Option for You? Tips for Garner, North Carolina Consumers Deep in Debt

Bankruptcy can be the best thing for you!

Image Source: Flickr CC User Kreg Steppe

Most Garner, North Carolina consumers stuck in deep debt don’t like the idea of bankruptcy – some people think choosing bankruptcy is a sign of failure. That’s no way to think. In fact, filing bankruptcy can be the best thing for you, depending on your circumstances. Bankruptcy can stop debt collectors from harassing you, wipes out debt, and help your credit score start to bounce back.

Here are some signs that it may be time to consider bankruptcy:

#1 Your Credit Score Is Dropping Every Month

While “experts” tell you that bankruptcy is one of the fastest ways to drop your credit score, that’s not entirely accurate. Yes, when you file, your score will drop. But did you know that when you hit 30 days late on any debt that posts to your credit report, your score plummets – and then plummets again at 90 days? Missing a mortgage payment can drop your credit score almost as much as a foreclosure.

If your score is dropping already, bankruptcy can put a stop to the freefall.

#2 Your Life Is Miserable Because of Debt Collectors

Once you begin falling behind on bills, debt collectors will start calling you – at home, on your cell, and at work – every single day and possibly multiple times per day. When it’s a representative from the creditor, that’s bad enough. But when the account is turned over to professional debt collectors, you can expect threats and nastiness in many cases. That’s no way to live, and it can ruin your life.

As soon as you file bankruptcy, debt collectors must stop calling – it’s the law.

#3 You’re so Deep in Debt That You Can’t See a Way Out

A good rule of thumb to know if you’re in over your head is if your non-mortgage and non-auto loan debt can NOT be paid off within five years. If you’ve got medical bills you can’t afford, maxed out credit cards, past-due taxes, civil court judgments (except for alimony/child support), and past-due bills, these can weigh you down, eat up all your money, stress you out, and take over your life.

If you choose Chapter 7 bankruptcy, most of these can be wiped out and you can be debt-free.

#4 You’ve Been Turned Down Repeatedly for New Credit

Some Garner, North Carolina consumers who are deep in debt and struggling might try and open new credit accounts to deal with debt, whether with low-interest balance transfer credit cards or a home equity line of credit. If you’ve been turned down for new credit because your existing credit is maxed out, it's a warning sign that you need an intervention to help you regain control.

Once you file bankruptcy and get a discharge, you can start rebuilding your credit score.

#5 Your Quality of Life Is Impaired Because of Your Debt

If you’re living paycheck to paycheck, worried about losing your home or auto, and being harassed by debt collectors, it’s hard to enjoy quality of life. Not only are you in the position of not being able to afford to take a vacation or eat out without feeling guilty, but the stress can be all-consuming. If your life revolves around financial concerns, the stress can impact your health as well.

Bankruptcy offers instant peace of mind and a return to stress-free living.

If you’re not sure if bankruptcy is right for you or not, contact the Law Offices of John T. Orcutt. Come in for a free Garner, North Carolina bankruptcy consultation and we’ll listen to your story, check out your income and assets, and then advise you on the best route to deal with your debt.

Call +1-919-646-2654 now for a free, no-obligation NC bankruptcy consultation at one of our offices in Raleigh, Durham, Fayetteville, Wilson, Greensboro, Garner or Wilmington.

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