Mississippi Consumer Help Blog
I have found it helpful to share this checklist with people who call asking me “Should I file bankruptcy?” In a nutshell, if more than two of the following issues apply to you, it is possible that bankruptcy would be an option worth investigating further:
- Debt collectors are calling you at home or at work.
- You are utilizing payday loans to make ends meet.
- Your wages will soon be garnished or are being garnished now.
- Your bank account has been frozen.
- The majority of what you owe is unsecured debt like credit cards, medical bills, payday loans, etc.
- Your facing the threat of foreclose on your home.
- The foreclosure process on your home has already started.
- Your facing possible repossession of your vehicle.
- You have had a vehicle repossessed.
- You want to give up your house or vehicle and walk away without owing any money.
- Your bill payments are more than 30 days behind.
- You have been sued or are being sued over debt.
- You have a significant amount of medical debt that will not be covered by insurance.
- You have medical insurance but can’t afford to pay your share of the bills.
- You owe income taxes that you cannot afford to pay.
- Your total debts (other than house & car) are more than you could pay and still live, even over five or more years
- You have high student loan deb, cannot defer payment any longer, and the notes are more than you can pay