When Should I Consider Filing Bankruptcy?


Deciding to file bankruptcy is a serious step that takes thoughtful consideration and should involve the advice of a law firm that specializes in the process. You may have options that aren’t quite as drastic as bankruptcy to try first. Getting debt under control is the most important task, no matter what your chosen solution.

Overwhelming and Uncontrolled Debt

If mounting debts seem to make doing business or enjoying your personal life impossible, it might be time to consider your options with bankruptcy. The stress of feeling like you are drowning in debt can make it difficult to make the right decisions. Constant demands bring real chaos to your life. Bankruptcy can help get things under control and make debt manageable again.

Constant Creditor Harassment

Feeling harassed by creditors with constant phone calls and demands for payment can be unnerving. It can eventually lead to civil suits and judgments that result in liens and garnishments. You do have some protections against third-party collection agency harassment, but typically your original creditors can call you day and night, every day.

When Mediation is Not Working

Credit and debt mediation sound like a good idea and works in some situations. Unfortunately, it doesn’t work in every instance. Mediation can break down and you are left in as bad a situation as it was when you started negotiating. If creditors aren’t willing to work with you to reach a reasonable settlement, mediation services break down.

Hire a Law Firm Experienced in Bankruptcy

You should consult with a law firm that has experience and knowledge of bankruptcy before making any final decisions. Get the advice of an expert bankruptcy lawyer Rockville MD residents trust to make the best financial choices for their particular situation. Not everyone needs to file bankruptcy, whereas others will only get relief through the bankruptcy process.

Find out more about the benefits of filing bankruptcy and whether it’s the right move for you or your business. You deserve to break free of the stress of overwhelming debt.

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