When debt becomes overwhelming, there may be various options for relief. Being able to identify the best debt relief option, however, can be the key to effectively putting your financial troubles behind you and moving on to a bright future.
Delving deeper into this issue, the following reveals just some of the more common factors that can serve as signs that it’s time to start thinking about filing for bankruptcy. If you need more answers about your best options for getting out of debt, don’t hesitate to contact our bankruptcy lawyers in Colorado Springs.
Consider Filing for Bankruptcy When…
- You consistently can’t cover your living expenses – If you’re struggling to cover your essential bills every month (like rent/the mortgage, utilities and food bills), continuing to miss even just one of these bills can lead to bigger problems (like evictions/foreclosures, for example). When this occurs – and when there’s no foreseeable windfall of money coming your way, it can be a good time to consider filing for bankruptcy to eliminate at least some of your major debt and start turning the situation around.
- Your bills keep increasing but your income is stagnant or decreasing – Snowballing debt coupled with no income increases is another big red flag that it may be time to file for bankruptcy. The reason for this is that a significant disparity between your debt versus income can put you in the red very quickly, potentially making it very challenging to stay financially afloat without some professional help.
- You’re thinking about taking out a payday loan to cover your expenses – Payday loans, as well as auto title loans and tax refund advances, are generally expensive borrowing options, as these loans are usually associated with astronomical interest rates (and possibly the need to put up collateral – like a home or vehicle).So, if you’re debt situation has gotten to the point where you are considering these types of risky borrowing options, be sure to also consider filing for bankruptcy before you move forward with anything. For many people in this situation, bankruptcy can provide real relief from debt (while the risky loans can plummet people further into debt, making their situation far worse in the process).
- Creditors are threatening to take action against you – When creditors start warming you that they are moving forward to sue you, repossess your property, or garnish your wages, again, it’s important to consider filing for bankruptcy ASAP. In fact, by filing for bankruptcy in this situation, an automatic stay (i.e., a court injunction) will immediately go into effect – stopping creditors from proceeding with these actions.
Find Out Your Best Debt Relief Options: Contact Trusted Bankruptcy Lawyers in Colorado Springs
When you need experienced help resolving serious debt issues, contact our bankruptcy lawyers in Colorado Springs by calling (719) 520-0003 or by emailing us via the contact form on this page.
Applying decades of experience to every case we handle, the trusted attorneys at Kinnaird & Kinnaird PC are committed to providing personal, caring service as we work to deliver the results you need.
Known for our experience and vigorous legal advocacy, we capably represent men and women across various economic and cultural spectrums, including those in the military. Our mission is to identify and move forward with a solution that works for you, both personally and financially.
From offices based in Colorado Springs, we provide the highest quality legal services to people throughout El Paso County and the state of Colorado.