Reed Law Firm, P.A. is a federally designated debt relief agency. We proudly help people file for bankruptcy relief under the U.S. Bankruptcy Code.
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Giving You Hope For a Debt-Free Future

How do I know if bankruptcy is right for me?

Most everyone faces a time when things get tough. A job loss or divorce may drastically reduce your income, or maybe you just overspent on your last vacation. The result may be months of struggling, juggling and scrapping to get by. You may even reach a point where you begin to wonder if you will ever see the light.

In those moments, it may occur to you to investigate the option of filing for bankruptcy. Taking this step has brought debt relief to countless people in South Carolina, and you may wonder if your circumstances warrant such a move.

Common reasons to file for bankruptcy

In many cases, those experiencing a few months when the budget is tight can usually work through it with a little discipline. If you are just hitting a bump in the road, bankruptcy may not be the answer. In fact, the consequences of filing for bankruptcy can be long-lasting, so it is not a choice to make without careful consideration. However, you may be in a situation where there is no sign of improvement.

For example, medical emergencies or chronic illnesses create financial hardships for many of the following reasons:

  • Co-payments
  • Prescriptions
  • Ongoing treatments
  • Loss of income from time off work

Medical bills are fast becoming one of the most common reasons why people find themselves drowning in debt. Senior citizens, particularly those with little to no income, are especially vulnerable to crushing medical debt. Bankruptcy may be able to eliminate any existing medical debt, but it won't include future expenses.

Other reasons why you might consider filing for bankruptcy debt relief may include:

  • Long-term unemployment
  • Credit card debt
  • Your ex's bankruptcy

If your ex-spouse files for bankruptcy, any lingering joint debts may become your responsibility. Your divorce settlement may have ordered your spouse to pay part of your mortgage or your car payment, but if your ex files for bankruptcy, guess who the creditors will hold responsible? If your ex is planning to take this route to debt relief, you may want to discuss the option of filing for bankruptcy jointly.

Because of the complex and serious nature of this option for debt relief, it is important that you consider it carefully and obtain answers for all your questions. In fact, a bankruptcy attorney can explain all the options available and help you determine which alternative best fits your circumstances.

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Reed Law Firm, P.A.
220 Stoneridge Drive,
Suite 301

Columbia, SC 29210

Phone: 803-726-4888
Fax: 803-726-4887
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Reed Law Firm, P.A.
1807 West Evans Street,
Suite B

Florence, SC 29501

Phone: 843-679-0077
Fax: 843-679-0667
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