It’s frightening to think about going through a bankruptcy. “Bankruptcy” is a scary word in of itself. The media plays to how terrible this experience can be, and a lot of times the result and outcome of bankruptcy is misunderstood.

If you’re in a situation where you can no longer pay your bills, collectors are calling you almost constantly about debts you can’t afford to pay, and you may have a case filed against you or a judgment outstanding—bankruptcy may actually be a helpful option. Of course, this depends on your situation and your attorney will recommend to you the best course of action.

When it comes to bankruptcy, the biggest worry people have is the impact it will have on their credit scores. Of course this is a concern, but if you’re in a situation to consider bankruptcy, it may actually help your credit in the long run. With debt being discharged at the end of a bankruptcy, this will mean you can pay your bills and your credit usually starts to improve once you’re through it.

Here are some questions to ask yourself to decide if you should look into bankruptcy:

Are you only able to make minimum payments on your debts?

Are you being called by bill collectors?

Are you afraid about being able to pay for the basics or make your house or rent payment?

Are you past due on any of your debts?

Are you considering consolidating your debt?

If you answered yes to any of these questions, you probably want to at least meet with an attorney and see if bankruptcy is the right option for your situation. Bankruptcy is usually a good option when you owe more than you are likely able to pay.