Although many people are hesitant to file for bankruptcy, there are several cases when it could be in your best interest to do so. There are several signs that indicate that it is time to call a bankruptcy lawyer in Pasco County.
You Are Being Sued by Debt Collectors
If you go a long time without paying off your debts, then there is a possibility that you will be sued. It can be difficult for you to go up against a debt collector on your own. You may also have to spend a lot of money if you want to fight a debt collector.
You will be protected from a debt collector if you decide to file for bankruptcy. Your creditors will not be able to contact you after bankruptcy is filed. They also cannot take any additional action against you.
You Keep Spending More Than You Earn
If you keep overspending, then it is time to file for bankruptcy. You will never get out of debt as long as you keep spending more money than you earn. In fact, you will find yourself accumulating more debt.
Your Wages Are Being Garnished
Debt collectors will go to great lengths to get back the money that they are owed. That is why they may decide to garnish your wages. This can make your financial situation even worse. If you are already getting your wages garnished, then it is time to contact a bankruptcy lawyer in Pasco County.
You Have Spent All of Your Savings
The purpose of a savings account is to have some money for a rainy day. However, if you are in debt, then you may not have anything to save. You should definitely call a bankruptcy attorney if you have spent all of your savings on paying off your debt.