June 9, 2017 74

Is Bankruptcy My Best Option? How To Know If Bankruptcy Is Right For You

Posted by:Charles Bosse onJune 9, 2017

Declaring Bankruptcy, Bankruptcy, Bankrupt, Bankruptcy Sydney, Bankruptcy Advice

Experiencing financial hardship is a very stressful situation and unfortunately, millions of individuals across the globe find themselves in this situation every year. Individuals in this predicament have quite a few options to recover from their financial distress, and bankruptcy should be regarded as a last resort when all other options have been exhausted. You’ve probably seen a number of those debt consolidating companies offer their services on television for example. In many cases, it can be difficult to try to figure out an effective way to recover from financial dilemmas, and many will declare bankruptcy simply because it seems the simplest way of doing so. But how do you know if bankruptcy is the right option for you? This article will shed some light into bankruptcy to help you figure out if bankruptcy is the best option for your personal scenario.

Bankruptcy has some fairly serious financial consequences: a bad credit history, increased difficulty in securing loans, and higher interest rates are just a couple of these. So needless to say, bankruptcy should not be taken lightly. There are a number of debt consolidating companies that are happy to help, which is similar to bankruptcy as all your debts are consolidated into one. This is normally considered a viable alternative to bankruptcy as the financial penalties aren’t as severe. But the best way to learn if bankruptcy is the best solution for you is to seek specialist advice from bankruptcy experts. In the meantime, however, here are some signs that your financial situation is in a critical condition and bankruptcy may be the best solution for you.

No Savings

If you don’t have any money in your bank account and you’re sustaining a mountain of debt, then bankruptcy may well be the best alternative for you. Even if you have the opportunity to work a second job to increase your earnings, will this allow you to recover from your debts in the next 5 years? If no, then you should consider seeking professional advice about your predicament, as bankruptcy can be a desirable alternative. Filing for bankruptcy will relieve you of these debts and while there are financial penalties, it’s probably the best way to recover in this situation.

Making Minimum Repayments Only

If you can only afford to make the minimum repayments on your debts, then the interest on these debts will intensify rapidly and you should really consider bankruptcy before your financial position worsens. With no supplementary income, it can often times take up to 30 years to settle your debts by making minimum repayments only, so all the interest you’ll be paying over these years can really amount to significant sums of money. Even though you’ll still be paying off debts with interest after declaring bankruptcy, usually you can arrange better terms on conditions on your debts after filing for bankruptcy.

Debt Collectors Are Calling You

When you’re being constantly hassled by debt collectors on the telephone and in the mail, it’s an indicator that your financial condition is deteriorating and you have to make some changes. When you’re being contacted by debt collectors, it means that your creditors have sold your debts at highly discounted prices to debt collectors because they believe that you aren’t in a position to repay these debts in a reasonable period of time. This is a clear indicator that you should honestly think about declaring bankruptcy as it’s probably the best option for both your finances and your mental well-being.

Though there are some serious financial repercussions, bankruptcy isn’t the end of the world and in most cases, it’s the first step to financial freedom. When you’re dealing with a mountain of debt and you can’t see any way of recovering in the near future, it’s time to seek professional advice to discover what options you have. While there are many alternatives available to help you in financial hardship, if you’re encountering any of these warning signs then chances are that bankruptcy is the best alternative to ensure you and your family can secure a prosperous future. Regardless, if you’re experiencing financial difficulties, it’s best to consult with bankruptcy professionals sooner rather than later. For a confidential discussion concerning your financial scenario, contact Fresh Start Solutions on 1300 818 575 or visit http://freshstartsolutions.com.au

 

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