Bankruptcy Law Firm: Why You Might Consider Filing

It's difficult to come to terms with the possibility that contacting a bankruptcy law firm may be in your best interests. To many, it feels like giving up. To be sure, it isn't a decision to be taken lightly. Filing for Chapter 13 or Chapter 7 will take a damning toll on your credit report and quite possibly prevent you from getting a loan for the next seven years. This is a long time to go without the availability of a loan, especially if you're accustomed to living off your creditors. Still, there are times when it is the best decision to be made. Here are some of the reasons you may want to consider filing.

Your Credit Is Ruined Anyway

If you're facing foreclosure or any other major black marks on your credit, you aren't saving your report by not filing for government debt relief. As any bankruptcy law firm will tell you, if you're going to have your report severely damaged anyway, you may as well get some benefit from it. This is a position many people find themselves in before deciding to file. Being consistently late on credit card payments can also ruin your score to the point where finding a loan will be difficult.

Your Wages Are Being Garnished

If your creditors have taken the step of having your wages garnished, it's time to at least consider hiring a bankruptcy law firm. This is a sign of severe debt problems and is exactly the kind of thing the government wants people to have a way of avoiding. It is a noble thing to want to make sure your creditors get back the money you borrowed. But you shouldn't have your life ruined in an attempt to live up to this standard. Keep in mind that failing to pay back a credit card company is hardly the same as failing to pay back a personal debt. Professional lenders have more than enough trampoline room that your failure to pay is not going to make the slightest difference.

Harassment

You may have reached the point where your lenders are now calling you day and night to try and get you to make a payment on your loans. Since you would have made a payment if you could have, this is harassment and nothing less. Still, it is legal and it is apparently effective, since collections in all forms of lending exist. These calls, which can jeopardize your job in some cases, are reason enough to consider hiring a bankruptcy law firm.