It’s one thing to carry a certain amount of debt—as long as you’re gradually paying it off and can see light at the end of the tunnel. The problem begins when you’re not able to pay enough each month, the interest compounds, and the amount you owe just keeps getting bigger. This is a situation that is only going to get worse as your debt increases over time, making it virtually impossible that you’ll ever be able to completely pay it off.

If you find yourself in such a situation, you really need to consider filing for bankruptcy. Many people are reluctant to consider bankruptcy, partly due to many misconceptions that are out there. To find out more about these misconceptions, check out our bankruptcy myths page.

The following are a few questions you should ask yourself if you are considering bankruptcy:

• Are you only able to pay the minimum payment on your credit cards every month?
• Are you constantly being harassed by bill collectors?
• Are you forced to use your credit cards to pay for necessities like food, utilities, etc.?
• Have you been out of work for an extended period of time and used up your unemployment and savings?
• Do you owe the government delinquent taxes?
• Is your home in danger of foreclosure?
• Are your wages being garnished?
• Are you being sued by creditors over delinquent bills?
• Does going through your finances make you feel anxious, frightened, completely out of control?

If you answered “yes” to two or more of these questions, bankruptcy may be in your best interest. But before you make any rash decisions, it would be a very good idea to consult an experienced bankruptcy attorney. Woodland Hills’s Nader Law Firm has been practicing bankruptcy law for over 25 years and can give you an honest assessment of your financial situation. Just call (800) 568-0707 for a free consultation.