When Should You File Bankruptcy?

Filing for bankruptcy — even thinking about it — is a scary step for many people, particularly those who are not familiar with the process or what it can do.

It doesn't help that our culture portrays it as a menacing deed.

While it's true that bankruptcy should never be taken lightly, in certain circumstances it can be a lifesaver for individuals who simply cannot get out from under overwhelming debt.

Answering a handful of questions can help you determine if bankruptcy is a viable option to help you.

Several Questions To Ask Yourself About Your Debt

  • Are you being sued by a creditor or have a Judgment?
  • Are you only able to make the minimum payment on your credit card balances each month?
  • Are you behind on your monthly car loan?
  • Are you behind on your mortgage payments?
  • Do you have collection agencies calling or sending you mail about past due debt?
  • Do you have an outstanding medical or surgical bill that is thousands of dollars?
  • Did you lose your job and cannot make the minimum payments on outstanding loans?

If you answered yes to any of the above questions, bankruptcy may be the right solution for you. Not only does it help alleviate debt, bankruptcy provides additional protections such as an automatic stay, which immediately stops:

  • Creditor harassment or collection attempts
  • Wage garnishment
  • Accrual of interest or late fees
  • Foreclosure proceedings
  • Repossession

More Information. Schedule A Free Consultation.

Individuals who are on the fence and still unsure about taking the step to filing, should consult with an experienced bankruptcy lawyer who can answer questions pertaining to individual circumstances and help alleviate fears and debunk misnomers. Gillespie & Murphy are experienced bankruptcy attorneys who can talk about solutions including the Chapter 13 debt Eliminator program.

Appointments are available at any one of our four office locations in New Bern, Greenville, Jacksonville and Wilmington, North Carolina.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.