When It Makes No Sense to Pay Your Bills
People who find themselves in financial hardship never want to be there. And contrary to the opinions of some politicians, most of them want to make good on their debt. But wanting to do the right thing and making the best decision for you are two different things in some cases. It is important to know when to stop paying those bills.
At some point, there is no way you will be able to pay all of your bills. This is the point where you need to stop paying them and file for bankruptcy. Making this decision at the right time can save you years of struggle, frustration, and poverty.
Talk to an experienced attorney about when the right time to file for bankruptcy is for you. If you are struggling with sizeable debt that you cannot foresee paying off without making some huge sacrifices in your savings or lifestyle, it may be time to consider bankruptcy as an option. If you decide filing is the right option, you can discuss with your bankruptcy attorney whether you should still try to make your payments or not.
No matter how much debt you have – be it little or great – you need to avoid making disastrous decisions in order to pay back those bills. Never take from your retirement account, for example, to pay creditors. Never skimp on what you really need in order to pay a huge past due bill. These decisions cannot be remedied once made, and will probably not help you in the long run.
Instead, filing for bankruptcy can protect those valuable assets. Bankruptcy can stop creditors from harassing you, and get rid of many debts altogether. It can give you a fresh start to life, without these debts hanging over your head for the rest of your days.