There is no question that there are people all over the U.S. who are overwhelmed with debt. As a result, they file bankruptcy to achieve financial freedom. However, filing for bankruptcy in Gainesville, GA is not the right option for everyone. It is important to consider a number of factors to ensure bankruptcy is right for the particular situation.
The reasons why a person may consider filing bankruptcy include:
* To lower a person’s monthly payments on auto loans and debts but still retain possession of the vehicle or other items.
* To get a fresh start with little or no debt remaining.
* To re-establish a good credit standing.
* To eliminate collection activity such as repossession or garnishment.
The good news is, there are some obvious signs that filing for bankruptcy in Gainesville, GA is inevitable. Knowing what these are can help a person know this is the right decision for their financial health. Some of the most obvious indications that a person should file for bankruptcy include:
* The person is over a month behind on their mortgage payments.
* They are behind on vehicle payments and not able to catch up.
* They are unable to meet their basic expenses each month, i.e. housing, groceries, gas, etc.
* The person has begun to take cash advances, title loans, payday loans, etc.
* Tax debt is unable to be paid off in a period of 12 to 24 months.
* The person has started to lose sleep or stress over their bills and financial health.
* Their home is going to be foreclosed or vehicle repossessed.
Filing bankruptcy can help a person stabilize their finances. While it may cause the person’s credit score to fall initially, it is no worse than repossessions, foreclosures or multiple charge-offs. Also, after a certain amount of time, the bankruptcy will no longer affect the person’s credit rating.
If a person is considering filing bankruptcy, they should consult with an attorney first. This person can help them determine if it is the best option and then guide them through the process. Additional help and information is available by visiting the Chriscarouthers.com website. Bankruptcy can help a person achieve financial freedom when they may have otherwise lost hope.
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