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5 signs you should file for bankruptcy

When you are facing a massive amount of debt, you may have no idea what to do. Filing for bankruptcy may be a scary proposition to you. The term "bankrupt" may sound ominous. However, it does not need to be a nightmare. In fact, it may be a viable option for relieving your debt.

Sometimes, bankruptcy is the only way to get out of financial difficulties. Here are some signs you should seriously consider going bankrupt.

1. You are using a credit card for necessities

You should be able to cover gas or groceries with your debit card or cash. If you need to put these basic living expenses on your credit card, you are in serious trouble. When you can no longer afford everyday essentials, you may need to file bankruptcy. 

2. Creditors are calling you

If you are falling behind on payments, a collection agency may start contacting you. These phone calls, letters and even personal visits are signs that bankruptcy may be the solution. Filing for bankruptcy will protect you against creditor harassment and lawsuits. 

3. You are facing wage garnishment

In extreme circumstances, your lender may file a court order for a wage garnishment. This means your employer or bank will take money directly from your paycheck. As soon as you receive a notice that your creditor may try to garnish your wages, you should consider filing bankruptcy.

4. You are using up your retirement savings

You need your retirement accounts for the future. If you are considering using your retirement funds to pay a debt, stop yourself. Using your retirement accounts to pay your debt will not only make retirement more difficult, but it may also create a hefty tax bill.

5. You are at risk of losing your home

It may be difficult for you to keep up with your mortgage payments. If this happens, your lender may threaten you with foreclosure. Filing bankruptcy may help you keep your house.

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