Do You Need Chapter 7 Bankruptcy Relief? Let's Find Out

Many people are in debt and many of those may find it hard to keep up with their bills. However, not everyone will find themselves in a position to seek relief from chapter 7 bankruptcy. If you want to learn more to see if this is something that you might be in need of, you will want to continue reading.

You Lost A Lot Of Income

Are you out of work and have no idea when you will be able to find more suitable employment that will cover all of your monthly expenses? Maybe you are back to work after being laid off or you were demoted at work for one reason or another. Either way, if you are suffering from a loss of income and you are not sure that it is temporary, you will want to think about scheduling an appointment with a bankruptcy lawyer. They can evaluate your debt-to-income ratio to determine if it is bad enough to seek chapter 7 relief from the bankruptcy courts.

Your Debt Is Causing You Distress

Some people, despite not being able to keep up with their monthly obligations to creditors, keep dredging along, hoping for better or more income in the near future. However, if you are not sure that is a possibility for you for a long time, and the collection calls and letters are causing you a lot of mental or emotional distress, it might be time to talk to a lawyer. If you are able to get relief through the assistance of the bankruptcy courts, it will be like you are starting over again. You will have a fresh slate. All you will have to deal with is your basic bills, such as your electric and heating bills. 

You Gathered More Debt Than Your Best Income Can Handle

Not everyone who has to file for chapter 7 has a loss of income. If you have sustained employment and make good money, but your debts have just spiraled out of control, then chapter 7 might be for you. This can happen to anyone who charges a lot on their credit cards or that has a serious illness in the family, which results in a ton of medical bills.

Should you feel as though any of the previously mentioned points apply to you, or you have other reasons to believe that you might qualify for bankruptcy relief, you will want to set up a consultation appointment with a bankruptcy lawyer.