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Giving up little extras? It could be a sign to choose bankruptcy

On Behalf of | Oct 7, 2021 | Bankruptcy

When you think about your day-to-day life, are you living with the bare minimum? That might mean that you are renting a room instead of an apartment, have downsized your belongings to next to nothing and are using a phone with a broken screen that doesn’t like to charge properly. You might have cut back on everything you could, but you still struggle to make ends meet.

If you’ve had to give up everything that makes your life comfortable while attempting to pay back what you owe on credit cards or loans, then you really do need to consider the options for getting out of debt.

No one deserves to live in a situation where they have to stay cold at night to avoid a higher heat bill or where they work 40 hours a week but can’t make ends meet. If you can’t afford driving to work, food for your week or other necessities, that’s the obvious sign to look into bankruptcy. Even if you’ve just reached a point where splurging on something small, like a latte after work once a week, breaks your bank, it might be time to look into getting help with your finances.

When do you know that bankruptcy is right for you?

One simple rule of thumb is to think about bankruptcy as a way to help you when you cannot make ends meet. If you can’t afford the basics, like rent, food or gas to get to work, without missing a payment on a credit card or other debt, then it’s time to consider bankruptcy. Similarly, if you cannot work or work as much as you can without seeing a way to repay what you owe, then bankruptcy could be the solution that you’re looking for.

Bankruptcy could be the solution you’re looking for

Not everyone needs bankruptcy to resolve their debts, but bankruptcy can be an excellent way to help yourself move forward if resolving your debts would give you financial relief. Chapter 7, 13 and other options may help you get back on your feet, so you can live comfortably again.