The Major Reason to File Chapter 7 Bankruptcy
If you are in debt and you are considering Chapter 7 Bankruptcy, then you need to know that there are only a few times when you should actually file for this type of bankruptcy. There are some things that you will go through after bankruptcy that should make it a very serious decision to make. Here are the times that you should consider bankruptcy.
If you are unemployed and the debts have piled up to where you cannot get out from under them. This would mean that you are looking very hard for a job and just cannot find one and you have over $30,000 of unsecured debts. This is one of the situations that might cause you to consider bankruptcy, but if it is not a hopeless situation, then you should look at it from all angles before making this decision.
Another time to consider bankruptcy is if you have debts that equal more than twice what you make annually. This cannot include your mortgage because it is a large debt that will be much more than you make. This amount of debt is quite a bit to take on and you should consider getting in contact with a financial advisor to see what your best options are.
The last time you should consider Chapter 7 Bankruptcy is if you have tried everything else and nobody can help you. If you have a home and cannot refinance to pay off debts, if you have tried debt counselors, and you have tried all the options out there, then bankruptcy becomes your last resort and you can use it to get a fresh start.
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