Bankruptcy can have a devastating impact on your ability to purchase a car, affect your potential to get a home or apartment, and devastate your credit score. That is why many people shy away from declaring bankruptcy until they are forced to announce because of monetary complications. If you find yourself questioning whether you need a restructuring of your financial life, consider these eight reasons for bankruptcy.

Credit Cards

If you find yourself paying one credit card with another credit card every month, it is probably time to contact a bankruptcy attorney Howard County MD.


Second Jobs

If you took a second job to pay down your debt, but your balances are still rising, you may need to consider bankruptcy.

Payment Struggles

If you are making every effort to stay on top of payments, but the money just won’t stretch far enough to cover all your monthly debts, you may need to declare bankruptcy.

Garnished Wages

If a lender is trying to garnish your wages and your wages barely cover your bills as it is, declaring bankruptcy can stop the garnishment and may even get the monies owed the lender dismissed.

Inadequate Money

If you struggle each month with debt and end up putting your necessities on your credit cards, you should consider bankruptcy before your debt overwhelms you.

Retirement Accounts

If your monthly debts are large enough you are considering withdrawing retirement account money to pay the bills, you should talk to a bankruptcy attorney before doing so.

Super Stress

If lenders are calling you at work and home, and your inability to pay your monthly bills is affecting your life, consider bankruptcy before you get fired.

Interest Rates

If you are missing payments on your credit cards and your interest rates are rising, it can be even more difficult to pay the balance down, so think about declaring bankruptcy.

Bankruptcy is a huge decision that can alter your financial life for many years. If you have any of the eight problems listed above, talk to a bankruptcy attorney and find out what options you have.