No one answer fits all people or all situations.  Like everything else, bankruptcy has both costs and benefits which should be evaluated.  Know the effects of a bankruptcy before proceeding.  There are, though, some fairly common questions which can help you assess whether you should further explore bankruptcy options:

  • Do you only make minimum payments on your credit cards?
  • Are you receiving harassing phone calls from creditors or collection agencies?
  • Are you paying for necessities with credit cards?
  • Are you considering debt consolidation?
  • Are your finances keeping you awake at night?
  • Are you avoiding the phone or even opening your mail because of bill collectors?
  • Are you being sued or threatened with suit for debts?
  • Are you taking out payday loans to meet your expenses and payments?

If you answered yes to more than one of these questions, you need to improve your financial situation and you need good information to evaluate your options.