If you’re struggling financially and there’s no end in sight, you may be wondering whether it’s time to call a bankruptcy lawyer. Both Chapters 7 and 13 have strict requirements and don’t discharge all debts. Therefore, declaring bankruptcy isn’t necessarily the answer for everyone. It may be the answer for you, however, if one of the following applies. 

Who Should File for Bankruptcy?

1. Facing a Foreclosure 

If you fall behind on mortgage payments, filing for Chapter 13 may help you catch up financially, thereby preventing the lender from foreclosing on the property. Although a lender cannot commence the proceedings until the borrower has fallen behind by at least 120 days, it’s wise to call a bankruptcy lawyer as soon as you’re no longer able to make the minimum monthly payments. The sooner you take action, the fewer hurdles you will have to overcome to save your home.  

2. Relying on Credit

If you have to put the essentials like food and gas on a credit card because you’re shoveling all your earnings toward various debts, it’s time to reevaluate your finances. Using credit cards for all your expenditures will only lead to more debt and higher minimum monthly payments. Fortunately, credit card balances are dischargeable in bankruptcy, as are personal loans, medical debts, and car notes. 

3. Paying for Debt

If lenders won’t stop calling, emailing, and sending letters, declaring bankruptcy will provide the breathing room you need to regain your financial footing. Filing for Chapter 7 or 13 will implement an automatic stay, which prohibits creditors from harassing you or taking legal action against you to recover what you owe. And once your debts are discharged, they won’t have any reason to harass you, so it won’t matter that the automatic stay is lifted.  

To see if you’re a good candidate for Chapter 7 or 13, turn to Swartz Law Office. Located in Batavia, OH, this firm is led by Donald K. Swartz, a seasoned bankruptcy lawyer who has been in the legal field for more than 20 years. When you turn to Donald for counsel, you won’t be judged for your circumstances. Instead, you’ll receive compassionate counsel and practical legal solutions for the hurdles you’re facing. To request a consultation with this bankruptcy lawyer, reach out on his website or call (513) 732-0900.