Here's another great piece by the Tampa Bay Bankruptcy Blog about how to know if it's finally time to file for bankruptcy :
Some highlights of the article :
So if you are in any of these situations, it’s time to seriously consider filing for bankruptcy:
1. You have hired debt management companies to look into your finances and help you solve your debt problems but with little or no success. This might be for you as an individual or your business. Debt management companies will advise you on debt reducing and debt consolidation methods to ease your debt burden. But sometimes, the strategies do not work as well as you need them to.
2. Your creditors are hot on your heels and getting more persistent by the day. You are getting more notices in the mail, more phone calls, more text messages, more emails etc. And the trend is getting increasingly more disturbing to you and your family. You are not sure when any of your creditors may get mean and send debt collectors knocking on your door.
3. You are suffering mentally, emotionally and even physically. You cannot sleep well at nights, your peace is disrupted, you get headaches, and your health is impaired. You are constantly anxious and worried and your debt problems are constantly on your mind virtually 24-7.
More info is available through the link. It's a must read for anyone contemplating bankruptcy but perhaps too scared of the implications.