The last thing any business owner in Alabama wants to worry about when dealing with personal or professional income is when it is time to file for bankruptcy. However, when the warning signs come, it is important to understand exactly what the best choice for your future is.
We here at Hawley & Associates, LLC, are dedicated to helping those who have fallen into debt.
Stress and fear
The first tell-tale signs of financial issues tend to be psychological. For instance, feeling stressed about how to save for the future or how to pay this month’s bills can be a warning that you need to deal with your past expenses. Once you acknowledge what you need to fix, you can look for solutions, such as officially filing for bankruptcy.
Credit card issues
Another clue is that you may find yourself maxed out on credit card charges. In order to pay bills, you may have been trapped under another mountain of debt as you fulfilled the more urgent payments. This can lead to a never-ending cycle of borrowed money where you are unable to save since you are constantly using it to pay other top-priority charges.
What to do next
Part of filing for Chapter 7 bankruptcy includes applying for discharges for debt. According to the United States Courts, a discharge releases the person from any past owed money that is approved for this process. Generally, it does not apply to corporations or partnerships. However, any relief is helpful when you are stressed and behind on payments. More information can be found on our webpages.