5 Signs You Should Consider Filing for Bankruptcy

5 Signs You Should Consider Filing for Bankruptcy

Filing for bankruptcy can be a scary thought. However, many report that filing for bankruptcy gave them a fresh new start and saved them from insurmountable financial troubles. If you’re considering bankruptcy, it is important to recognize these warning signs.

Are you living paycheck to paycheck while only paying minimum payments?

You need to be honest with yourself at some point. Are you spending every penny from every paycheck on bills and necessities and have nothing left over? Are you spending money on luxury goods that are not considered a necessity? If the answer for both of these questions is YES, then it can be difficult to get out from under your growing debt without filing for bankruptcy.

Are you behind on your mortgage?

If you have missed multiple mortgage payments, you must take action to protect your investment. How far behind you are on your mortgage will depend on whether your can save your home. If you have the possibility that you may lose your home, then it is important that you file for bankruptcy sooner rather than later to avoid losing your home.

Do you use credit cards to pay your bills every month?

If you use your credit cards to pay your bills, then you are not alone. This practice can lead to even more dangerous spending. Using credit cards to pay your bills adds more debt on top of your debt because of the interest you pay. This is a sign that you should consider filing for bankruptcy.

Are bill collectors calling you non-stop?

If collectors are relentless in calling you, there is a way to put an end to this. Filing for bankruptcy will stop the collection calls during the filing process.

Do your finances cause physical sickness, anxiety, and/or loss of sleep?

Your health is extremely important. You can’t change the past, but you can change the future. Take action now. Money and material possessions are replaceable. Health and happiness are not.

If you’re considering filing for bankruptcy, it is important to find out all the facts and what you should do. Contact me today so I can answer all your questions and help you make the right decision.