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2 telltale signs that it might be time to file for bankruptcy

On Behalf of | Dec 30, 2021 | Bankruptcy |

What do you think of when you hear the word bankruptcy? How would it make you feel if someone said you should file for bankruptcy?

For a long time, many have considered bankruptcy a dirty word, something shameful to admit to. Yet, at the same time, it is something that many successful businessmen and women once resorted to. Walt Disney filed for bankruptcy one hundred years ago and look how that turned out. The same goes for the singer Elton John and a host of others you would now consider a success.

Debt can take you by surprise

Last year several major airlines needed to declare bankruptcy. Others narrowly avoided it because governments bailed them out.

Life is not predictable. No airline could have predicted that its entire fleet would be grounded for months. Equally, you might not foresee you would lose your job or that your child would fall ill resulting in massive medical bills.

Here are some clues that it might be time to consider finding out more about bankruptcy:

  1. You would need a miracle to keep up with debt payments: Miracles do happen. A publisher might take your manuscript and turn it into the next Harry Potter franchise. Your boss might decide to promote you from middle manager to CEO and triple your salary. Yet if that is what it would take to stay afloat, you need to face reality.
  2. Your health is suffering: If the only way you can stop worrying about your debt long enough to fall asleep is to use drugs or alcohol to knock yourself out, things have gone too far.

While you might feel embarrassed about telling people you filed for bankruptcy, once you do, you will realize it is more common than you think. Deciding to find out more about bankruptcy may be the first step on your road to freedom from debt.

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