Debt starts out as a minor inconvenience that seems fixable until it spirals into an uncontrollable, permanent condition. At this point, many people start looking into options for bankruptcy. However, some people hesitate to go this route because they assume that struggling is more responsible.

If you’re struggling with debt and wondering if you should pursue bankruptcy, here’s what you need to consider.

Is your debt shrinking or just circling the drain?

One of the best indicators that bankruptcy should be on the table is whether your debt is actually decreasing when you make payments. Many people believe they’re making progress by paying every month, but payments don’t automatically equal recovery.

Check your balances to see if they’re going down year over year. If your total debt is the same or higher than it was 12-24 months ago, your current strategy isn’t working. High interest rates can reverse years of effort, and if you get behind even a little more, it can destroy your progress. For example, if one car repair or medical bill sends you backwards, you’re not going to get out of debt anytime soon.

Minimum payments are designed to keep balances going, not to help you eliminate debt. Because of this, many people spend thousands of dollars on interest before even touching the principal. In this case, it can take 5–10 years or more to pay off the entire debt, and that will only create more stress and anxiety.

Is your debt controlling your life?

Debt becomes unsustainable when it dictates how you live your life. This loss of control can come on gradually and become normal before you realize it. For example, if you have to choose between paying for rent, utilities, food, or debt, that’s a huge warning sign. Your debt payments should fall below 36% of your total income, but many people exceed this threshold.

If you skip medical or personal care just to pay your debts, that’s a bad sign as well. When there’s nothing left for you to cut from your budget, discipline isn’t going to solve your debt problem.

Are you under constant financial stress?

Chronic financial stress can be damaging to your mind and body. At a certain point, mental and physical stress outweigh the perceived benefits of pushing through. According to the American Psychological Association (APA), money issues are a leading cause of stress for Americans. If you’re getting collection letters and calls from creditors, or being threatened with lawsuits, garnishments, or levies, it’s time to take action. Bankruptcy enacts an immediate stay that can stop many of these sources of stress and give you the space to recover.

Has your income changed permanently?

Temporary setbacks are one thing. Permanent or long-term income changes are another. If you’ve lost your job, have gone on disability, or are seeing industry changes that impact your earning potential, you might not be able to see everything through. Not every issue is recoverable after a disruption. Even if you’re planning on earning more, if it’s not happening yet or has no definite path into your bank account, that’s not a workable strategy.

If your income has shifted downward, restructuring or discharging your debt through bankruptcy might be a more rational solution than waiting for something to change.

Are you relying on debt to stay afloat?

If you’re using loans or credit cards to maintain your daily life, that’s a bad sign. Are your debt balances increasing despite making payments? Are you rotating debt between accounts? Do you pay for emergencies with credit? Are you tapping into your retirement or savings account?

When debt is used to sustain basic living, bankruptcy is often the right move.

Would bankruptcy improve your position?

Sometimes fear can overshadow the benefits of bankruptcy. But it’s important to evaluate the potential outcomes of pursuing bankruptcy to know for sure. Credit cards, medical bills, and personal loans are usually dischargeable, and with Chapter 7 you can keep your exempt property (like your house and car).

If you’re worried about harming your credit, most people begin rebuilding credit within a couple of years after filing for bankruptcy. The bottom line is that if your cash flow will instantly improve, bankruptcy might be the best way to stabilize your finances.

Don’t struggle for no reason

If you’re avoiding bankruptcy because of stigma or you feel like you just need to be responsible and pay your debt, it’s time to reconsider. When making payments doesn’t actually reduce your debt, or there’s no reasonable way you’ll be able to pay off your debts without a miracle, it’s time to reassess your situation.

Continuing to struggle won’t help you recover financial stability. Bankruptcy exists because some financial problems can’t be solved through effort alone. Asking yourself the right questions and being honest with yourself can prevent years of unnecessary damage and turn stressful survival into financial stability.

Ellen Diamond, a psychology graduate from the University of Hertfordshire, has a keen interest in the fields of mental health, wellness, and lifestyle.