Credit card debt can range from a temporary nuisance to a severe problem that needs a quick resolution. If the issue is serious enough, you may want to declare bankruptcy. However, your debt may be manageable if you can pay it off in the near future.

There are a lot of factors to consider when it comes to pursuing bankruptcy. Here are some questions to ponder as you determine whether bankruptcy is the right choice for your situation.

Can you pay it back?

Whether you have $5,000 or $50,000 in credit debt may help you figure out if you should file for bankruptcy. If you have enough income to pay back your debt, you may not meet the requirements for filing bankruptcy. Contemplate all your income and expenses. Once you develop a budget and see how much disposable income you have, you can determine what to do next.

Are you facing harassment or lawsuits?

Another important aspect of bankruptcy decisions is whether creditors are harassing or suing you. Generally, the further behind you are, the more common and intense creditors become. If you deal with continuous phone calls from a credit card issuer or debt collection agency, it may be worthwhile to choose bankruptcy. 

Plus, creditors or agencies may also be able to bring a lawsuit against you, depending on how much you owe and your income. If the legal action is successful, the creditor may garnish your wages. Wage garnishment is often the last straw when it comes to people considering bankruptcy.

How much property do you have?

There are particular types of property that fall under bankruptcy exemptions. If you file under Chapter 7, the trustee may be able to sell your nonexempt property to appease the creditors. But if you go for Chapter 13, you will need to repay an equal amount to the value of those assets. 

Depending on the circumstances, it may be time to file for bankruptcy instead of continuing to make credit card debt payments.