How can Mississippi residents tell when it's time to consider bankruptcy?

It's a rough economy and your personal net worth has taken a real nosedive. Perhaps you've lost your job, or maybe your mortgage is more than your house is worth. You know you're not alone, because a great many people are facing similar challenges. But where do you go for help?

Hopefully, this blog will be something of a resource to you. It certainly will not answer all of your questions, but we plan to make it a source of news and information for Mississippi readers on topics such as personal bankruptcy, personal finance and credit card debt.

Let's start with a pretty general topic: How do you know when it is the right time to file for bankruptcy?

The real answer to that question depends greatly on one's individual scenario, of course. But there are a few common benchmarks you should turn over in your mind and see if and how they apply to you.

First, take a hard look at your recent financial history. Have you been skating on thin ice for several months? Then, look into the future and try to honestly determine whether that is going to continue, or whether things can reasonably be expected to improve. Struggling to make ends meet month after month is no way to go through life; something may need to be done.

Second, try to figure out the top two or three reasons how you ended up where you are, financially speaking. Do not beat yourself up if you made some mistakes. After all, who hasn't? Furthermore, only by being truthful and assessing the situation with open eyes can you move past it. It would be a very big mistake to let shame or embarrassment keep you from moving on with your life.

Third, consider making an appointment with an attorney who specializes in helping clients file for Chapter 7 and Chapter 13 bankruptcy. Many lawyers in this field offer free consultations, and chances are good that you will learn something useful.

Source: Fox News, "How to know when it's time to declare bankruptcy," Robert Massi, June 30, 2012

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