Most people are able to pay their debts and manage their finances but there are those who have difficulties in doing so due to certain circumstances. So if you’re one of those who have problems with your finances then it may be a warning, hence you need to file for bankruptcy.
* Problems with paying bills/debts
Being able to pay off your debts in a timely manner is very important. The creditors that are loaning you money will expect you to pay certain amounts at very specific times to ensure they will get their full amount back. Once things become financially difficult for you however, paying their set amount isn’t always easy. You won’t be able to put money towards each bill and your plan to pay off your debt in a short amount of time slowly lengthens to an immeasurable time frame.
* Liabilities are more than assets
Once your debt becomes too high and you’re unable to make your monthly payments, it’s easy for your assets to be worth less than your liabilities. If the amount of money you have in investments, property or savings doesn’t add up to be more than you owe, bankruptcy can be a viable option. Since your assets are less than your liabilities, you will show you have nothing of real value to put towards paying off debt. If you have nothing to put towards your debt, the creditors won’t expect to get anything from you and the bankruptcy will be able to discharge what you owe, in full.
* Unlikely to pay off debts
It isn’t always easy to make each payment to creditors to pay your debt. There will be cases such as losing your job that will cause paying off debt very difficult. If you don’t have a source of income, you no longer have money to put towards credit card bills or any other debts you may have incurred.
* High debts
When you open a credit card or get a loan for a car, your financial standing maybe very high, then before you realize it, you debts have added up to much more than you can afford. When your debt becomes too high, you are unable to pay each bill and keep putting money towards the necessities you have in life. That is when bankruptcy may be in your best interest.
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