Who Should File for Bankruptcy?

Who should file for bankruptcy? Here in Massachusetts, here are some common scenarios I see:

1. You are trying to keep debts current but are borrowing money from one card to pay other (robbing Peter to pay Paul).
2. You are trying to keep debts current by using your savings but can see the day approaching when your savings will run out (tip: don’t wait to file until it does).
3. You are trying to keep debts current but your are going without life essentials to do so (you do not need to do this).
4. You have defaulted on credit card debt and are dealing with debt collectors who are not willing to help you and are rude and harassing.
5. You have defaulted on credit card debt and are being sued or already have civil judgments against you.
6. You have looked into credit counseling and found that they demanded a payment you could not afford or, worse, you have been scammed out of money.
7. You have lost a job or had a reduction in income.
8. You have incurred substantial medical debt because of illness or an accident.
9. You have fallen behind on house or car payments and are facing foreclosure or repossession.
10. You had a business that failed or is failing.