Many individuals find themselves in a place where they are unable to pay off their debts. Maxed out credit cards, unexpected medical expenses, and even family emergencies may lead to large bills that cannot be paid every month. When the amount of money you owe becomes more than you could ever pay back, it may be time to consider filing for bankruptcy in Jonesboro, GA. Having bankruptcy protection may be just what you need to start over on a clean slate. There are many reasons you may choose to file for bankruptcy.
You Are Unemployed
If you have been without employment for an extended period of time, you know how hard it can be to afford even the most basic necessities. During this time of unemployment, there is a good chance you have been unable to make regular payments on any debts. Creditors will eventually turn your case over to a collection agency. Without money in the bank, however, these debts will never get paid. Interest rates and late fees may make it even harder to pay back your loans. In this case, filing for bankruptcy in Jonesboro, GA may be the best option.
You Have Unpaid Taxes
In a perfect world, your taxes would be paid each year on time. For many people, however, it is impossible to pay their tax bill when it is due. The government adds penalties to anyone who pays their taxes late. They may even choose to garnish your wages. This means money will be taken out of your paycheck before you even see it. If this happens to you, it may become difficult to pay other bills, such as your rent or mortgage. Filing for bankruptcy may provide you relief in this scenario.
Before choosing bankruptcy as a solution to your financial situation, it’s best to speak with an attorney. Visit website to schedule a consultation with a lawyer in your area. Filing for bankruptcy comes with its consequences: your credit score will be affected, and it will be more difficult to obtain loans for several years after filing. However, in many cases, these consequences are worth the peace of mind that comes with being able to clear your debts.