Bankruptcy: How much debt is too much?

There are no set minimums for the amount of debt you need in order to file bankruptcy. However, filing a bankruptcy costs money, so it is important to make sure the amount of debt being cleared makes filing cost-effective. In short, you want to make sure that filing a bankruptcy puts you in a better financial position. One way to figure it out is to contact a professional for a consultation.

Here are some signs that you should seek out professional help and see if bankruptcy or some kind of bankruptcy alternative makes sense for you and your family.

You are struggling to make minimum payments

You are arguing with your spouse or family members about money

You are using credit cards to purchase groceries or clothes

You are worrying about how you’re ever going to get out of debt

Worrying just makes the problems worse. Be proactive and contact a bankruptcy professional. At the very least, you’ll get a better handle on what you’re up against. Remember, bankruptcy laws were written to help people get another chance at financial success.