You could suffer under a mountain of debt for a decade, two decades or an entire lifetime -- barely scraping by to make your financial ends meet. Or, you could file for Chapter 7 or Chapter 13 bankruptcy and get your debt problems in order relatively quickly. If you qualify for one of these helpful bankruptcy processes, there's literally no reason to prolong yours any longer. You may have everything to gain by filing for bankruptcy right now.
If you are currently dealing with high levels of credit-card debt, you are certainly not alone. Consumer debt levels in the United States have been growing steadily since 2012 and, before we reach 2019, those debt levels are expected to reach new heights.
Imagine a little snowball that you pack tight with your hands. Now imagine putting that snowball on more snow on the ground and gently rolling it around until it gets bigger, and bigger and bigger. Now, push the giant snowball down a hill and watch it continue to pick up more snow until it's a gigantic force to be reckoned with. This is kind of how the snowball debt payoff method works.
When many people consider bankruptcy, they think they'll need to sell all of their assets as a part of the process. That simply is not true when it comes to Chapter 13 bankruptcy. Unlike Chapter 7, which is often referred to as the "liquidation" bankruptcy, Chapter 13 is referred to as the "reorganization" bankruptcy. Rather than serving as a debt elimination strategy, it's a way to reorganize debt to make it easier and more manageable for the debtor.