You have struggled financially for a few years, which has drained much of the joy from your life in Arkansas. While you know that bankruptcy is an option, you are not sure whether you should file. 

Money Under 30 offers scenarios that indicate the need to consider bankruptcy. See if any resonate with you. 

You face lawsuits for unpaid debts 

You may be so far behind on debt payments that your creditors hit you with lawsuits. Rather than attempting to fight the legal action in court, and worry about the court fees in the process, you can protect your financial health with an automatic stay through bankruptcy. 

You have garnished wages 

Sometimes, creditors claim a percentage of your wages to get the money you owe them. Wage garnishment could be the next step after a successful creditor lawsuit. To reclaim your wages, consider bankruptcy. 

You risk auto repossession or home foreclosure 

If you owe money on your car or home, there is a chance that you could lose one (or both) of them to repossession or foreclosure. Both a home and a vehicle are vital to helping you remain on your feet so that you can improve your financial situation. Bankruptcy helps you retain ownership of your property. 

You use credit cards more than cash  

Maybe using credit cards is the only way to keep the tide of debt at bay, but doing so only worsens your predicament. Rather than feed the cycle, put a stop to it by filing for bankruptcy. 

Bankruptcy may very well be one of the most beneficial decisions you make for your current financial health. Learn more about how to file with help from a legal professional.