According to credit reporting agency, TransUnion, late payments from credit card holders has fallen to its lowest rate since 1994. Does this mean consumers are doing better financially? Not necessarily. Some consumers are simply being more responsible with their debt and many banks are putting a tighter limit on what people can borrow.
If you still find yourself having a hard time making those credit card or loan payments, you're not alone. Though late payments from credit card users are down, it doesn't mean everyone is in the clear. Many people are still filing for bankruptcy due to the financial state of their lives.
Should I File For Bankruptcy?
There is not always a definitive answer for whether or not you should file bankruptcy, but it may be something you should consider if your finances have continued to struggle.
If you are paying the bare minimum amounts on your debts and cannot budget yourself out of your debt in the next five years, then bankruptcy may be an option. Impending foreclosure or a recent job loss or divorce could also be reason for filing for bankruptcy.
What Is Not Covered Under Bankruptcy?
Certain financial responsibilities or debts are not excused by bankruptcy. Alimony and child support must still be paid even after bankruptcy. Also, most recent back taxes and most student loans are not excused by declaring bankruptcy.
If you think bankruptcy may be the next step for your financial life, then contact a trusted attorney. At the Law Offices of Daniel W. Mitnick, our Alpharetta bankruptcy attorneys can help you make sure bankruptcy is the best next step and help you navigate through the process.
