If you’re dealing with the stress of not being able to make ends meet, you’re not alone. Many people have an overwhelming amount of bills that they simply can’t pay (unless they want their electricity to get cut off instead). If you find yourself in this position, there’s help available for you. Filing for bankruptcy has gotten a bad reputation, but it can actually be a journey to starting off on a clean slate and restoring your financial life. A Chapter 7 bankruptcy is the most common type of bankruptcy couples and families file for. Here’s how to know if it’s time for you to take that step.

Are Bill Collectors Harassing You?

When you owe medical bills, utility bills, credit card bills, and other types of debt, there are people out there whose jobs are to call you (and call you, and call you) to rope you into a payment agreement, preferably with auto pay. If you can’t afford to make payments towards your debt, being called incessantly by bill collectors can be stressful. Some bill collectors even cross the line and violate the Fair Debt Collection Practices Act and call you multiple times a day, at work, or at odd hours of the morning or night.

Do You Have to Put Your Necessities on Credit Cards?

If you are living paycheck to paycheck and have to put necessities like groceries or gas on a credit card in between paydays, this may be a sign that you’re having enough financial difficulty to file for a Chapter 7 bankruptcy.

Can You Only Afford to Make the Minimum Payment on Those Credit Cards?

When payday comes and it’s time to make a payment on your credit cards, are you only able to make the minimum payments? More often than not, the minimum payments on a credit card balance is enough to cover only the interest — occasionally, a bit more. What happens is you go deeper and deeper into debt and making payments does nothing but keep the credit card companies off your back for another month. It does nothing to actually reduce the amount that you really owe.

Are You Being Taken to Court or Have Had Your Bank Account Frozen?

Some debt collectors have the power to take you to court or have your bank account frozen. They may be able to put tax liens on you or repossess your property, like your vehicle. These entities are usually federal or state tax agencies like the IRS, student loan servicers, and credit card companies. Medical debt collectors cannot freeze your bank account or place a lien on your property, although they may say they can in an attempt to frighten you into making payment arrangements. If you’ve been served or have had your bank account frozen, now is the time to get professional help before things get too out of control.

Contact CMC Law for a Consultation Today

If you answered “yes” to any of the above questions, it may be time to consider filing for a Chapter 7 bankruptcy. In some cases, a Chapter 7 bankruptcy allows some of your debt to be discharged, or written off, if you can prove that you don’t have the means to pay it. Contact us today for a consultation to discuss your case by calling (404) 585-0040.