When your financial situation seems overwhelming, it’s difficult to see the light at the end of the tunnel. If you’re struggling to pay your bills and falling behind on your debt repayments, the financial consequences are damaging. It’s time to take control of your financial situation by considering how bankruptcy might work for you. These signs might be telling you it’s time to consider bankruptcy filing Portland ME

Debt Collectors Are Filing Lawsuits 

If you skip a payment here or there, you’re going to see a major hit on your credit report. However, you’re not going to see lawsuits coming your way. Creditors are almost always willing to listen to you and grant you some sort of leniency during periods of financial difficulty if you call them. However, if you’re so far behind on your bills that you’re being served lawsuit notices by debt collectors, it might be time to consider bankruptcy as your next option. 

You Can’t Afford Your Bills 

Do you have the money every month to pay your bills? This doesn’t mean you don’t have the money left over to pay your bills after you have fun, go shopping, or travel. This means you do not have the money to pay your bills or go out and have fun. If you have less money coming in than you owe to creditors, it’s time to consider bankruptcy. It might be the only way to discharge your debts and put you in a situation that allows you to find the much-needed financial relief you need. 

You’re Living with Wage Garnishment 

Once you forgo paying your bills, you might end up with lawsuits on your hands. If creditors win these lawsuits, you might find they then have your wages garnished. This is expensive, and it can cause serious financial problems in the future. If you want to avoid this problem, you must speak to an attorney. Filing for bankruptcy allows you something called an immediate stay. This stay makes it impossible for creditors to continue calling, sending letters, or going through with lawsuits. They can no longer garnish your wages when you’re involved in a stay, either. 

You Have No Other Options 

Sometimes you have other options. If you have someone willing to lend you money, you can pay off your debts. If you can consolidate or go through credit counseling, you can pay your bills. If you have other options, you should use those prior to filing for bankruptcy. This is the last resort, and it’s only meant to be used when nothing else is working. 

If you’re in the middle of a financial struggle, you can call a bankruptcy attorney to discuss your options. Bankruptcy law is complex, and many things cannot be discharged. It’s time to find out what you can do to protect your finances and start over fresh. This is a big decision, and it stays on your credit report for seven to ten years.